Crisis

A crisis is an economic situation wherein a country experiences a sudden downturn brought on by a financial crisis. Manifested in a significant decline in production, marketing and consumption of goods and services, a crisis is also characterized by high high unemployment, near-bank collapse, and an economic contraction. A crisis also experiences drying up of liquidity and rising or falling prices due to inflation or deflation. It can also take the form of a recession or a depression, with violation of existing production relations and bankruptcy of enterprises.