1.
economic collapse; financial ruin; bankruptcy
The breakdown or failure of an economy, financial system, or an entity's finances. Used for countries, local governments, companies, or individuals.
その国は経済破綻に陥った。
That country fell into economic collapse.
経済破綻を防ぐための対策が急がれている。
Measures to prevent economic collapse are urgently needed.
自治体の経済破綻は住民の生活に深刻な影響を与える。
An economic collapse of a local government has a serious impact on residents' lives.
A compound of 経済 (economy, finances) and 破綻 (collapse, breakdown). Used at multiple scales: national economies, municipal finances, corporate bankruptcy, and personal financial ruin.
COMMON COLLOCATIONS:
- 経済破綻に陥る: to fall into economic collapse
- 経済破綻を招く: to bring about economic ruin
- 経済破綻の危機: the risk of economic collapse
- 経済破綻を回避する: to avert economic collapse
SIMILAR WORDS:
- 財政破綻: fiscal collapse — more specifically about government finances
- 倒産: bankruptcy — specifically for companies going out of business
- 破産: bankruptcy — legal bankruptcy for individuals or entities
- 恐慌: financial panic, economic crisis — a sudden, dramatic downturn
USAGE:
Frequently appears in news coverage of sovereign debt crises, municipal bankruptcies, and financial meltdowns. In Japan, the 2007 bankruptcy of Yubari City in Hokkaido is a well-known example of municipal 経済破綻.