Economic shock

Economic shock

Events that impact the economy which originate from outside it. They are unexpected and unpredictable (e.g., Hurricane Andrew in 1991, the rise in oil prices by OPEC).

Economic Shock

An event that can cause a sudden, drastic change in an economy. For example, if it were suddenly discovered that there is no more oil in the world, this would cause economic shock, causing prices to skyrocket. Likewise, if the technology was developed to make oil obsolete and was announced with no notice, it would cause an economic shock in the other direction. An economic shock can be either positive or negative; likewise, it can be temporary or permanent. See also: Price in.
References in periodicals archive ?
Tax reforms have caused economic shock among the poorThe.
Moody's says that the outlook for sovereign creditworthiness in the Commonwealth of Independent States (CIS) in 2018 is stable overall, in view of the healthy economic growth and stable oil prices seen after the region-wide economic shock of 2014-16.
A major economic shock, like exiting the European Union without a deal, could push many indebted families over the edge" - Liberal Democrat leader Sir Vince Cable.
The Prime Minister, saying they were in "touching distance" of an agreement on this issue in the Brexit negotiations "A major economic shock, like exiting the European Union without a deal, could push many indebted families over the edge.
We looked at how couples respond to negative shocks and in particular, if they have a major bad economic shock or worsening of their household finances," she said.
A MAJOR economic shock caused by Brexit could see "significant liabilities" on the government's balance sheet "crystallise" and hit economic growth, the Whitehall spending watchdog has warned.
Economic evidence from independent experts show that the UK will face a serious economic shock in the event of leaving the EU.
Every credible independent voice agrees that if the UK votes to leave there would be a profound economic shock that would threaten jobs, livelihoods and living standards here in Wales.
Analysis by the Treasury indicates that leaving the EU could cause an economic shock across the country, creating instability and uncertainty, which would be made worse by negotiations needed to agree the terms of the country's exit from the EU and its new relationship with Europe.
It kills me - I'm terrified of spiders" Stoke City and former Aston Villa footballer Peter Crouch, 6ft 7in "In my judgment as Chancellor, leaving the EU would represent a profound economic shock for our country, for all of us, and I'm going to do everything I can to prevent that happening" George Osborne "A con artist with the worst spray tan in America" Marco Rubio's description of Donald Trump, a rival for the Republican nomination for the White House
Sector of employment demonstrates positive and significant relation with probability of economic shock while it is insignificant for societal shock.
The joblessness in Saudi Arabia, the Saudi officials' mismanagement of the crisis created by the economic shock of decreased oil prices and their lack of planning for confronting social dangers, have increased poverty and are the reason behind the Saudi youths' tendency for Takfiri terrorism," Tallah Akram told FNA on Thursday.