Definition of "economic crisis" []

• A period of economic slowdown characterised by declining productivity and devaluing of financial institutions often due to reckless and unsustainable money lending. (noun)

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• "With respect to Sen. McConnell's plan, as I said, it is constructive to say that if Washington operates as usual and can't get anything done, let's at least avoid Armageddon, Obama said, referring to the economic crisis that would follow a failure to raise the debt limit in time."
• "The UNHCR study finds anti-refugee sentiment is rising in many industrialized nations due largely to the economic crisis and religious and cultural differences."
• "More broadly, the region's economic crisis may affect the pace of modernisation of defence capabilities in the region, and this may have implications for the ARF's role."