economic crisis
Market in turmoil
An economic crisis is a severe disruption to a nation's or region's financial system—marked by falling output, rising unemployment, bank failures, or currency collapse.
The term covers events ranging from stock market crashes to sovereign debt defaults: The 2008 economic crisis began with subprime mortgages.
Distinguished from ordinary recessions by severity and the sense of emergency requiring intervention.
Economic decline period
- contractionReduction in size
- slowdownReduction in pace
- stagnationAbsence of flow or progress
- slumpExtended period of decline
correction · trough · shrinkage · deleveraging · retrenchment · bear market · negative growth · double-dip
Catastrophic loss of control
- crashSudden violent impact
- bustFailure or sculpture
- panicUncontrollable sudden fear
- turmoilViolent disturbance or confusion
contagion · systemic failure · bank run · market crash · financial panic · credit freeze · domino effect · freefall
Extreme rapid price escalation
- stagflationStagnant growth meets inflation
- cost of livingPrice of basic necessities
- devaluationLowering of currency worth
- purchasing powerEconomic spending ability
consumer prices · runaway prices · Weimar · price controls · indexation · cost-push · overheating · inflationary spiral
1930s global economic crisis
- bank failuresFinancial institutions ceasing operations
- Dust BowlThirties prairie ecological collapse
- New DealDepression-era reform agenda
- HoovervillesDepression-era homeless encampments
Being without paid work
- povertySevere lack of resources
- foreclosureLender seizes mortgaged property
- homelessnessLacking permanent residence
- food insecurityUncertain access to adequate meals
eviction · job loss · layoffs · breadlines · soup kitchens · tent cities · family strain · suicide rate
Planned spending reductions
- belt-tighteningReducing expenditures deliberately
- fiscal disciplineControlled government spending
- spending freezeHalt to disbursements
- deficit reductionShrinking budget shortfalls
pension reform · troika · wage freeze · hiring freeze · tax increases · emergency measures · debt restructuring · conditionality
downturn
Economic decline period
- contractionReduction in size
- slowdownReduction in pace
- stagnationAbsence of flow or progress
slump · correction · trough · shrinkage · deleveraging · retrenchment · bear market · negative growth · double-dip · soft landing
meltdown
Catastrophic loss of control
turmoil · contagion · systemic failure · bank run · market crash · financial panic · credit freeze · domino effect · freefall · implosion
hyperinflation
Extreme rapid price escalation
- stagflationStagnant growth meets inflation
- cost of livingPrice of basic necessities
- devaluationLowering of currency worth
purchasing power · consumer prices · runaway prices · Weimar · price controls · indexation · cost-push · overheating · inflationary spiral
Great Depression
1930s global economic crisis
- bank failuresFinancial institutions ceasing operations
- Dust BowlThirties prairie ecological collapse
- New DealDepression-era reform agenda
unemployment
Being without paid work
- povertySevere lack of resources
- foreclosureLender seizes mortgaged property
- homelessnessLacking permanent residence
food insecurity · eviction · job loss · layoffs · breadlines · soup kitchens · tent cities · family strain · suicide rate · inequality
budget cuts
Planned spending reductions
- belt-tighteningReducing expenditures deliberately
- fiscal disciplineControlled government spending
- spending freezeHalt to disbursements
deficit reduction · pension reform · troika · wage freeze · hiring freeze · tax increases · emergency measures · debt restructuring · conditionality · sequestration
- Korea 1990sdemocratization, chaebol, Hyundai, Samsung, presidential elections
- crisesemergency, disaster, natural disaster, catastrophe, calamity
- World EventsOlympics, World Cup, G20, G7 summit, pandemic
- economic historystock market crash, Industrial Revolution, trade routes, Great Depression, gold standard
- financial crisesfinancial collapse, bank run, bank failure, bank failures, bank runs
- Soviet collapseGorbachev, glasnost, perestroika, USSR, Soviet Union
economic crisiseconomic boom
Sustained period of growth
prosperity · economic prosperity · boom · economic stability · affluence
economic crisiseconomic expansion
Sustained output increase
economic boom · prosperity · economic growth · recovery · economic recovery
economic crisiseconomic stability
Sustained healthy financial conditions
financial stability · steady state · equilibrium · normalcy · predictability
economy, crisis, economic, economical, economics, economize, economist, uneconomical, uneconomic