The leaders of the Group of 20 nations are scheduled to hold talks in London on Thursday on measures to tackle the current financial crisis and rescue the global economy. The following are the major crises that have afflicted the world economy since 1929.

1929-1939: Great Depression

A devastating economic depression swept the developed world following the Wall Street Crash in October 1929 and lasted as long as a decade in some countries. The US economy fell to its lowest level in 1933 with industrial output only 65 percent of its previous level. Peak unemployment rates reached nearly 30 percent in Germany, Australia and Canada.

1973-1975: 1973 Oil Crisis

Following the outbreak of the Yom Kippur War in October 1973, the major Arabian oil exporting countries proclaimed an embargo on shipments to the United States and other Israeli supporters. They also united other oil suppliers to boost prices. The 1973 Oil Crisis triggered the worst economic crisis since World War II in key industrial nations, resulting in a decline of industrial output by 14 percent in the United States and more than 20 percent in Japan.

1980s: Latin American Debt Crisis

Latin American countries began borrowing huge sums of foreign money to develop domestic industries in the 1960s. Their foreign debt exceeded US$300 billion in the early 1980s. In 1982, Mexico declared its inability to repay the debt, triggering a world-shaking debt crisis. During the crisis, the GDP per capita of Latin American countries dropped by 10 percent.

1990s: Collapse of the Japanese Asset Price Bubble

Japanese real estate and stock prices experienced a catastrophic crash in 1990 after years of inflation. In the following decade, Japan suffered chronic deflation and economic recession due to its asset devaluation. The country's economy entered a phase of zero growth in the middle 1990s.

1997-1998: Asian Financial Crisis

Against the backdrop of US dollar appreciation, the exports of many Asian countries whose currencies were pegged to the dollar became less competitive. In July 1997, a widespread devaluation of Asian currencies followed Thailand's decision to float the baht, marking the outbreak of the Asian financial crisis. Indonesia, Thailand and South Korea were the countries most affected by the crisis. The GDPs of Indonesia, Thailand and South Korea shrank by 83.4 percent, 40.4 percent and 34.2 percent respectively during the crisis.

2007 to date: Subprime Mortgage Crisis, Global Financial Crisis

The subprime mortgage crisis broke out in the United States in the summer of 2007. It has its root in mortgages made to borrowers with less ability to repay the loans. The result has been the shutdown of many companies that largely invested in products related to subprime mortgages and the tightening of credit around the world.

Lehman Brothers' bankruptcy and Merrill Lynch's buyout in September 2008 marked the outbreak of the global financial crisis. The crisis has caused a slowdown in global economic growth, a contraction in global trade and a rise in unemployed workforce. Deep recession has emerged in Japan and some other countries.

(Xinhua News Agency March 31, 2009)