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Economic collapse, also called economic meltdown, is any of a broad range of poor economic conditions, ranging from a severe, prolonged depression with high bankruptcy rates and high unemployment (such as the Great Depression of the 1930s), to a breakdown in normal commerce caused by hyperinflation (such as in Weimar Germany in the 1920s), or even an economically caused sharp rise in the death ...
Economic instability can have a number of negative effects on the overall welfare of people and nations by creating an environment in which economic assets lose value and investment is hindered or stopped. This can lead to unemployment, economic recession, or in extreme cases, a societal collapse.
Many countries saw their highest inflation rates in decades. It has been attributed to various causes, including pandemic-related economic dislocation, supply chain disruptions, the fiscal and monetary stimulus provided in 2020 and 2021 by governments and central banks around the world in response to the pandemic, and price gouging.
The economy had gone into a brief recession in 1961 because of a credit squeeze. Australia was facing a rising level of inflation in 1973, caused partially by the oil crisis happening in that same year, which brought inflation at a 13% increase. Economic recession hit by the middle of the year 1974, with no change in policy enacted by the ...
The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009. [1] The scale and timing of the recession varied from country to country (see map).
Social disruption is a term used in sociology to describe the alteration, dysfunction or breakdown of social life, often in a community setting.Social disruption implies a radical transformation, in which the old certainties of modern society are falling away and something quite new is emerging. [1]
To fuel economic growth, the country set aside hundreds of billions of dollars for major infrastructure projects and used population tracking policies and enforced the stringent lockdown to contain the virus. [303] It is the only major economy that is expected to grow in 2020, according to the International Monetary Fund. [304]
Development-induced displacement and resettlement (DIDR) occurs when people are forced to leave their homes in a development-driven form of forced migration.Historically, it has been associated with the construction of dams for hydroelectric power and irrigation, but it can also result from various development projects such as mining, agriculture, the creation of military installations ...