Refers to a severe downturn or instability in an economy, such as a financial crash, recession, or depression.
The 2008 economic crisis affected the whole world.
政府は経済危機を乗り越えるための対策を発表した。
The government announced measures to overcome the economic crisis.
The country fell into a severe economic crisis.
An economic crisis broke out in Asia.
The government announced policies to overcome the economic crisis.
The country was suddenly struck by an economic crisis.
経済危機 is the broader term for an economic crisis in general, while 財政破綻 refers narrowly to the collapse of public or organizational finances.