Is the World in turmoil because of financial global crisis?

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The global economic crisis has now claimed China.China's growing economy in the last quarter, has now fallen to 9%. The growth rate of the world has slowed and this has now had an negative impact on China. Bosses are resigning around the globe and job losses are steadily rising. The global crisis is said to put 20 million people out of work worldwide. Despite goverment rescue efforts the stock markets are still falling, as fear of leading countries going into a recession. The market is at rock bottom and goverment cashlines are not working. Global panic. Should we panic.