Definition

1. Noun:
   • A severe and prolonged downturn in economic activity: An "economic crisis" refers to a period of significant economic distress, typically marked by widespread negative indicators across a nation or region.
   • A state of financial instability and hardship: It describes a situation where the normal functioning of an economy is severely disrupted, leading to adverse consequences for businesses and the population.

Usage

• The term "economic crisis" is used to describe a macroeconomic situation. It is a formal and serious term, commonly found in news, academic analysis, and policy discussions.
• It functions as a countable noun (e.g., , ).

Examples

• Noun:
  • The country is facing a deep economic crisis with soaring unemployment.
  • The government introduced new measures to tackle the economic crisis.
  • Historians study the causes of the Great Depression, the worst economic crisis of the 20th century.

Advanced Usage

• "to trigger/precipitate an economic crisis": to cause an economic crisis to begin.
  • The banking collapse triggered a global economic crisis.
• "to weather/weather out an economic crisis": to survive or get through an economic crisis.
  • Small businesses struggled to weather the economic crisis.
• "the full brunt of the economic crisis": the worst effects or impact of the economic crisis.
  • The poorest citizens felt the full brunt of the economic crisis.

Variants and Related Words

• Recession (n): A period of temporary economic decline during which trade and industrial activity are reduced. (Generally less severe and shorter than a crisis).
• Depression (n): A long and severe recession. (More severe and prolonged than a typical crisis).
• Financial crisis (n): A specific type of economic crisis that originates in the financial sector, such as a banking or currency crisis.
• Economic downturn / slump (n): A period of poor economic performance; often used as a milder synonym.

Synonyms

• Financial meltdown: A sudden and catastrophic collapse of the financial system.
• Economic collapse: A complete breakdown of a national, regional, or territorial economy.

Related Phrases

• Economic crisis management: The process of dealing with and controlling an economic crisis.
  • Effective economic crisis management requires swift government action.
• Economic crisis relief: Aid or assistance provided to mitigate the effects of an economic crisis.
  • The international fund was established for economic crisis relief.

Idioms and Common Collocations

• "in the grip of an economic crisis": experiencing and being severely affected by an economic crisis.
  • The nation was in the grip of a severe economic crisis for nearly a decade.
• "economic crisis looms": an economic crisis is threatening to happen.
  • Analysts warn that an economic crisis looms if inflation is not controlled.

Noun

1. a long-term economic state characterized by unemployment and low prices and low levels of trade and investment