The Asian Crash of 2026 was a severe economic depression that originated from the People's Republic of China in 2026. Its timing varied across the international spectrum, but its effects largely began in May 2026 and had already rippled across the world by June. It is largely remembered as the catalyst for the Third World War and has been cited many times as a repeat of the 2007-2008 Financial Crisis by economists.
The crash began with 'Diao-san' Wednesday in China (6 May), where stock prices suddenly fell drastically in the Shanghai and Beijing exchanges, quickly spreading throughout the whole of China. Within the next two weeks East Asian GDP fell by 23%, and within the month the international GDP had fallen 18%. This caused unemployment in China and East Asia to skyrocket and a large drop in personal income, tax revenue and profits.
Unemployment in China rose by 121% by 2028, causing riots in major Chinese cities as well as creating a large number of homeless persons. In other countries the effect was more muted, but in the larger East Asian region outside of China unemployment increased by an average of 22%. In Europe, unemployment rose by 17% that year, and in Africa, unemployment rates increased severely by 34%.
The only nation without a major increase in unemployment rates by 2028 was the United States of America. Due to the Yang Administration, the US was the only nation able to largely stem unemployment rates in major areas and began to recover by early 2030.
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