Economic crisis
A long-term economic state characterized by unemployment and low prices and low levels of trade and investment [Vocabulary.com.].
An economic crisis is when a country’s economy deteriorates significantly. We also call it a real economic crisis. In most cases, a financial crisis is the cause of an economic crisis. During the crisis, GDP typically declines, liquidity dries, and property and stock market prices plummet. It is an economic downturn that gets worse and worse. If the financial crisis worsens and spreads, it will affect macroeconomic conditions. When this happens, the financial crisis starts turning into an economic crisis. Unlike a financial crisis, which is limited to one sector, an economic crisis impacts the whole economy. Unemployment rises, GDP stops growing or shrinks, and many other things go wrong. Put simply, if the authorities and those responsible do not address a financial crisis adequately, it can become an economic crisis [Market Business News].
The economic crisis has been transformed into a new political reality of austerity, threatening over six decades of social solidarity and expanding human rights protection across Council of Europe member states. Austerity measures have exacerbated the already severe human consequences of the economic crisis, marked by record levels of unemployment. The full spectrum of human rights has been impacted, and many vulnerable groups have been hit disproportionately. Deepening poverty, child deprivation, and youth unemployment are likely to have long-term effects. The economic crisis is also undermining the capacity of central and local authorities to ensure human rights protection [Council of Europe].
Economic crisis. Vocabulary.com. Retrieved from: https://www.vocabulary.com/dictionary/economic%20crisis
What is an economic crisis? Definition and examples. Market Business News. Retrieved from: https://marketbusinessnews.com/financial-glossary/economic-crisis/
Economic crisis and human rights. Council of Europe. Retrieved from: https://www.coe.int/uk/web/commissioner/thematic-work/economic-crisis