2008 is a year best forgotten around the world. If there had to be one word to sum up the year, it would be "volatile". Expectations and forecasts flew out the window as a tsunami of bearish sentiment made its way around the globe. The second half of the year, particularly the last three months, saw plunging oil prices, collapsing industries and institutions, government bailouts and hemorrhaging stock markets. The MSCI World Index lost 42% while emerging markets fell 54%. The MSCI GCC saw the most losses for the year, plunging 57% in 2008.