financial crisis JUST WRITTEN FOR YOU
/faɪˈnænʃəl ˈkraɪsɪs/ · fi·nan·cial cri·sis
noun
- a situation in which the financial system of a country or region is facing severe difficulties, such as a sharp decline in asset values, a credit crunch, or a liquidity crisis The country's economy was severely affected by the financial crisis, leading to widespread job losses and business closures.
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Did you know? The term 'financial crisis' was first used to describe the Panic of 1873, a global economic downturn that lasted for several years. The phrase has since been used to describe numerous financial crises, including the 2008 global financial crisis, which was triggered by a housing market bubble burst in the United States.