Definition of Economic Crisis

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JOMON JOY
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  CEO Business Management Solutions, Consultant, United States
 

Definition of Economic Crisis

Sometimes it stems from the greed from financial institutions, lenders etc…, which creates a depression or setback in the economy. Then you have things going on such a long term and continuous increase in unemployment, slow growth in economic activity, a decline in the Gross Domestic Product (GDP) for 2 or more consecutive quarters, continuous and steady low prices, low levels of trade and investments.
If these phenomena continue over a long, steady period of time the situation is considered a recession, depression or economic crisis.

  twagirayesu celestin, Student (University), Rwanda
 

Economic Crisis versus Financial Crisis

Thank you for this good definition. I an still a bit confused about the difference between an economic crisis and a financial crisis. Especially their causes.

 
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