economic disaster

An economic disaster occurs when a country's economy experiences a severe downturn, leading to high unemployment, rapid inflation, business failures, and a decline in people's savings and investments. It often results from a combination of factors like poor management, risky financial practices, or external shocks, causing widespread hardship. This situation diminishes access to goods and services, reduces government revenues, and can destabilize the overall stability of the nation, affecting everyday life for citizens and challenging economic recovery.