Economic Crisis (Noun)
Meaning
A long-term economic state characterized by unemployment and low prices and low levels of trade and investment.
Classification
Nouns denoting natural processes.
Examples
- The country was struggling to recover from the economic crisis that had lasted for nearly a decade, leaving many families without stable incomes.
- Experts warned that the government's austerity measures could exacerbate the current economic crisis and lead to even higher levels of unemployment.
- The economic crisis had a devastating impact on the manufacturing sector, with production declining by over 20% in the first quarter alone.
- The economic crisis was not limited to one country, but was a global phenomenon that affected trade and commerce worldwide.
- As a result of the economic crisis, many businesses were forced to close, leading to widespread job losses and a decline in consumer spending.