economic crisis

  

Definition

A situation in which the economy of a country experiences a sudden downturn brought on by a financial crisis. An economy facing an economic crisis will most likely experience a falling GDP, a drying up of liquidity and rising/falling prices due to inflation/deflation. An economic crisis can take the form of a recession or a depression. Also called real economic crisis. See also collapse, recession, depression.

Use economic crisis in a sentence

  • The 2008 economic crisis hinged upon the faulty home loans that were made accessible to individuals who normally would not qualify, which disrupted the US economy and the global economy.

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  • The news of the economic crisis had everyone working the stock market in a panic to sell their stocks before the downfall.

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  • The economic crisis in Greece brought mass protesters to the streets as they lacked the means in the current climate to adequately support their families.

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