The article explores the influence of banking crises (as the type of financial crises) on economic growth in a period of large-scale financialization (since 1995 to present date) with decomposition of GDP by real, financial sectors and other services. A hypothesis is put forward that banking crises evolve along with financial development. The study is carried out from the original list of 120 countries, period 1970-2023. The work is based on the extended global base of financial crises, global financial and economic development databases. Methods of structural, cluster, regression (linear regression), econometric (HP-filter), cross-country analysis are applied. The shift of the center of financial crises to banking crises in developed countries is identified. GDP losses from banking crises, unified by start time, are quantified. Factors and mechanisms contributing to the size of losses, the possibilities of their correction are revealed. The prospects for the impact of banking crises on economic growth in Russia are considered.