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The current level of development of the global economy and the closer ties between countries make economies more interconnected but more vulnerable. In recent years, the continuous manifestations and accumulations of economic instabilities have shown the need to conduct additional studies. A thorough analysis of the characteristics, causes, and consequences of crises around the world has become an integral part of professional discussions. Usually, economic crises have both common elements and different characteristics. This article summarizes the types of economic crises, classifies them according to different criteria, and presents the impact of global instabilities on different groups of countries.