CRISIS AS A KEY PHASE OF THE ECONOMIC CYCLE

The economy is characterized by cyclical development: an upswing is always followed by a recession, followed by a regular growth. Each of the phases of the economic cycle is equally important, but one of them is of greater interest – the crisis phase. After all, it has significant consequences. Crises differ from each other in their nature, duration, and scope. Not all crises can be predicted. However, the stability of economic development lies in the fact that crisis and growth are constantly replacing each other, and neither of them lasts forever.