GFC
Business & Finance abbreviation · Economics
| Stands for | Global financial crisis |
|---|---|
| Categories | Business & Finance |
GFC stands for Global financial crisis, an economics abbreviation.
Severe worldwide financial crisis of 2007 to 2009, triggered by losses on US subprime mortgages and culminating in the collapse of Lehman Brothers in September 2008, which led to bank failures, government bailouts and the deepest recession since the 1930s.
Example: Bank capital rules were tightened after the GFC to prevent another taxpayer-funded rescue.
Usage notes
Economists and regulators use GFC as standard shorthand, particularly in Australia, the UK and official reports. Responses included the US TARP program, near-zero interest rates, quantitative easing and the Basel III and Dodd-Frank reforms. In the US the downturn itself is usually called the Great Recession.
Related abbreviations
More economics abbreviations
- FOMC – Federal Open Market Committee
- FPI – Foreign portfolio investment
- FTA – Free trade agreement
- FX – Foreign exchange
- GDI – Gross domestic income
- GDP – Gross domestic product
- GNH – Gross national happiness
- GNI – Gross national income
- GNP – Gross national product
- GVA – Gross value added
- HDI – Human Development Index
- HHI – Herfindahl-Hirschman Index