This Report has examined the impact of the financial crisis on the global ICT industry, including telecommunications. It briefly examined how the niche origins of the crisis in the US mortgage market have now triggered a global economic slowdown, the impact of which is now being felt around the globe. It is now difficult to speak of one crisis - financial or economic. Instead, this Report has examined how the current market difficulties encompass a set of challenges, in the credit crunch and drying-up of credit; the financial crisis and failure of several high-profile banks; and the subsequent economic slowdown.