economic emergency

An economic emergency occurs when a country faces a severe financial crisis, such as a rapid loss of currency value, soaring inflation, or widespread banking failures, threatening its stability. Governments may declare an emergency to implement urgent measures like controlling prices, restricting financial activities, or seeking international aid to restore confidence and prevent economic collapse. It’s similar to a health emergency requiring immediate action to address a critical situation, but in this case, the focus is on stabilizing the economy to protect jobs, savings, and overall wellbeing.