2008

2008 is a year in the Gregorian calendar, the dating system most widely used in the world. It is a leap year, meaning it contains 366 days, with February having 29 days. The year began on a Tuesday.

The year is remembered economically for a global financial crisis that emerged from housing and banking markets in the United States, affecting many countries. Politically, the November 2008 presidential election in the United States was won by Barack Obama.

The financial crisis

In 2008, the investment bank Lehman Brothers collapsed in September, triggering widespread panic in financial markets. Governments and central banks in many countries took emergency measures, including reducing interest rates and providing financial support to financial institutions. The consequences included a downturn in the global economy in the following years.

Global politics

Barack Obama won the United States presidential election, becoming the first person of African descent to hold that office; he took office in January 2009. That year also saw a brief war between Russia and Georgia in August over South Ossetia. Kosovo declared its independence in February, a claim not universally recognized internationally.

Other events

The Summer Olympic Games were hosted by Beijing, China, in August. Early in the year, the Sichuan province of China was struck by a severe earthquake that caused significant loss of life. In Somalia, 2008 was among the years marked by attempts at peace talks to end the conflict, while piracy attacks off the Somali coast drew international attention.