Financial crises have a deep and complex impact on the socio-economic development of countries, which emphasises the significance and relevance of investigating the main causes of their occurrence, the specifics of their course, and the consequences for macroeconomic stability. The purpose of this study was to identify and systematise the main factors leading to the development of global financial crises, and to assess their multifaceted impact on the economic stability and development of individual states and the global economy as a whole. The paper used a comprehensive approach using methods of comparative and statistical analysis, which allowed revealing the problems in more depth. The study analysed the key causes of financial shocks, among which a special place was occupied by deregulation of the financial sector, a significant drop in import volumes, a violation of the balance of payments, a reduction in investment volumes, and a significant decrease in the level of employment of the population. It was found that the occurrence of financial crises, in particular, in 2008 and 2020, was preceded by a noticeable decline in real GDP growth, which indicated the existence of certain warning signals for the economy. The dynamics of the main macroeconomic indicators, such as the level of inflation, unemployment, the poverty index, and the state budget deficit in the countries of the world in the period 2008-2024, were also considered in detail. Special attention was paid to the relationship between the slowdown in economic growth and the tendency to expand the budget deficit. The practical significance of the results obtained lies in the possibility of using them to develop more effective preventive measures and policies that will significantly reduce the negative impact of future crisis phenomena on the economy of countries, and ensure financial stability and sustainability of the public sector in the long term

financial crisis; state budget; economic turmoil; public debt; international economy