The long spell of economic downturns and uncertainty had created adverse conditions in most regions in the world. All businesses suffered, many went into liquidation, several businesses merged with larger ones, new ventures failed to take off, and there was chaos all around.
The fallout on the masses was severe. Millions of people lost jobs, thousands had to sell off their homes and move to rented apartments, foreclosures of homes was the order of the day for loan defaulters, thousands of cars were found abandoned at major airports as people fled the country to escape persecution for default on loans. History had never seen so many people without work. More people started working out of homes, startups were created by the thousands hoping for growth.
The impact on society was equally severe. The rates of crime increased. Criminals became hardened, and new entrants to the world of crime were often found to be from reputed and prosperous families. Law enforcement failed to catch up with the spurt in criminal activity. People started leaving their jewelry and valuables at home. But then the homes were targeted. Petty theft often resulted in the victim getting killed or badly beaten. Vehicles were stolen by the thousands each month. It even became common to find a wheel missing if you happened to park in the open for a few hours. Cases of road rage resulting in shooting or beating became a daily occurrence. Major cities became hubs of all kinds of criminal activity.
Banks went into liquidation by the dozen. These included major global entities that were fully trusted by all. People lost their lifelong savings when this disaster struck. Many governments do not provide any social security to their citizens, and pathetic conditions prevailed in most of these economies.
After a long spell of economic uncertainty, green shoots seem to be appearing in most global economies. Major funds have been pumped in to make the wheels start turning again. There are signs of more companies hiring, since the number of unemployed seems to be declining, and this could improve as growth.