Economic crisis is the downturn of the economy of a country or world wide.. which affected by high prices of commodities including oil, gas in the market, food stuffs,and global inflation, substantial credit crisis leading to bankruptcy of banks, increased unemployment, and possibility of recession.
Recession is the contraction phase of the business, meaning the decline of the economic activity across to economy, this may last for weeks, months or even years which lead to depression (sustained recession).Result of falling demands and may be associated to falling of prices (deflation ) or sharply rising prices (inflation)and stagnant of economic growth ( stagflation).
Ex: The Economic crisis happening in U.S. which affecting the overseas migrant workers which can lead to unemployment.