The current economic downturn existing in many countries is called different names- mostly "Global crisis", but I think it's not good to call it global, as Asia seems to be unaffected; even "Financial crisis" is not good, as in most countries the downturn may be connected with the low export and budget deficits, whereas banks are stable; only in USA it is financial.
Think on this poll:
What to call the current crisis to show its immensity
1. Great recession
2. Great downturn
3. Great economic crisis
4. No idea- I'll leave it to my offspring to assess the past
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I had to correct something which I mistook in the question- I can't think in EN on weekends
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