Definition of Economic Crisis

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Definition of Economic Crisis

What precisely is the definition of an Economic crisis?

  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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