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An economic crisis refers to a period of significant decline in economic activity, often characterized by high levels of unemployment, reduced production and consumption, and a decline in overall economic growth. This can be caused by various factors such as political instability, natural disasters, financial market turmoil, and other macroeconomic imbalances. An economic crisis can have far-reaching consequences for businesses, individuals, and governments, often resulting in severe financial hardship, social unrest, and long-lasting economic damage.
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