The global crisis started to show its effects in the financial sector in the middle of 2007 and into 2008. The crisis spillover into the real sector and gradually transform into social crisis. Even though it started in USA, the crisis soon got world dimensions. In this master thesis was used the methodology of desk work and documentary analysis. The critical assessment of the development of the crisis is given as a personal opinion based on a collection of theories, concepts or ideas of different authors that relate to this particular issue. It gives complete analysis of the genesis of the crisis, manifestation of the negative effect all around the world, consequences for the economies especially for the countries from Central and Eastern Europe and policy solutions for getting out of the crisis. Special focus is on Republic od Macedonia.