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Discover Ludwig"economic calamity" is correct and usable in written English.
You can use it to refer to a situation in which a country or region experiences a severe economic downturn, typically caused by an unexpected event. For example, "The economic calamity of 2008 caused widespread unemployment across the country."
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Economic calamity, corporate battles, self-made setbacks Arnault has lived through them all before and emerged stronger than ever.
"Economic calamity... is befalling our nation," Sen. Ted Cruz of Texas says in his ad.
But Greece's economic calamity transformed its prospects.
Otherwise we face further economic calamity.
The result is today's economic calamity.
Negotiating under threat of economic calamity is untenable.
It began with terror and war and economic calamity.
First, fears of economic calamity inspired sales of weapons.
Sometimes only another economic calamity can erase the memory of the one before.
(Mr. Markey said his votes prevented an even worse economic calamity).
Without the service, they fear isolation, and in some cases, economic calamity.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com