20072008

20072008 refers to the two-year span from 2007 to 2008, a period marked by substantial economic, political, and social developments around the world. The global financial crisis began in 2007 with problems in US subprime mortgages that spread to credit markets and banking systems. In 2008, the crisis intensified, with the collapse of major financial institutions such as Bear Stearns in March and Lehman Brothers in September, prompting widespread government bailouts, monetary stimulus, and a deepening global recession. The period also saw volatile energy prices and shifting policy responses across economies.

Several major events shaped global affairs during these years. The 2007 United Nations Climate Change Conference in Bali produced the Bali Road Map, outlining a framework for long-term negotiations on climate action. In 2008, the Beijing Olympics highlighted China as a global host nation. The Sichuan earthquake on May 12, 2008, caused extensive loss of life and widespread devastation. The Russo-Georgian War occurred in August 2008, affecting regional security dynamics.

Technology and culture also progressed during 2007–2008. The iPhone was introduced in 2007, transforming mobile computing and consumer electronics, with the iPhone 3G following in 2008. The high-definition disc format competition between Blu-ray and HD DVD began to resolve in favor of Blu-ray in many markets, while Android emerged as a major mobile platform in 2008. The period also saw continued growth of the internet economy, social media, and digital communications.

In politics, the 2008 United States presidential election led to Barack Obama’s victory, and his inauguration in January 2009 signaled a shift in policy priorities for the United States. The era encompassed ongoing international trade tensions and international security concerns that influenced governance and economics worldwide.