In 2017, the stock markets in the US, UK and Australia crashed, causing investors to flee.
What could have been an epic event, when the market was about to rise again, turned out to be a one-off.
What was once seen as a potential turning point in a year turned out not to be so.
The stock market was never the same again.
It is possible the market crash may have had a bigger impact than anyone expected.
The US market is still reeling from the Brexit vote, and the US dollar is down nearly 25 per cent in the past year.
Investors were already worried about the economy, and it was the Brexit that caused a spike in demand for foreign currencies.
The Federal Reserve is expected to release its first rate hike later this month, and a further move could put the brakes on the recovery.
For the time being, the Dow Jones Industrial Average is still trading at a record high.
However, the outlook for the markets is not good, especially in the UK.
In the past 12 months, the City of London’s economy has shrunk by 2.4 per cent.
It is also in the midst of a recession, and investors have begun to feel the pinch.
As the stock prices slump, so too do the UK’s real wages.
The country is now spending more on healthcare, housing and pensions than it is on other goods and services, according to data released on Monday.
Britain is a country that is increasingly reliant on exports.
But it is increasingly dependent on imports.
That has created the potential for a big squeeze on the UK economy.
The collapse of the global stock markets has had an impact on the world economy as well.
In December, the Bank of England said it would cut interest rates by 0.25 per cent this year, bringing the average rate to 1 per cent, compared with 1 per the previous year.
The move has already led to a drop in interest rates for some eurozone countries, including Spain, Italy and Portugal.
Some of the biggest stock markets are now crashing, and this could become a permanent phenomenon.
We are witnessing the collapse of an asset class in the world’s richest country.
Investors have been fleeing to places like Germany, where prices are still falling and unemployment is high.
This has had a knock-on effect on the economy in other parts of the world.
The Australian market has been hit the hardest, with investors fleeing the country, which has been suffering from a downturn.
China is now also on the back foot, with the Shanghai Composite down more than 2 per cent and the Hang Seng down more to 2.5 per cent since the start of the year.
There are also concerns about the future of the Asian economies.
China’s stock market has plummeted by more than 25 per,000 since the end of the financial crisis.