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The phrase 'economic fluctuations' is correct and usable in written English.
It is typically used to describe changes in the economy that are unpredictable and often difficult to explain. For example, "The economy has been subject to significant economic fluctuations over the past year."
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Assistant Professor in Economics and the College (at Chicago since 2018); NBER Faculty Research Fellow, Economic Fluctuations and Growth Group.
Asset bubbles and the cost of economic fluctuations.
Long-run economic growth and short-run economic fluctuations.
» A Century of U.S. Economic Fluctuations: Why Has Performance Improved?
Beraja is a macroeconomist who studies economic fluctuations and growth.
Keynes believed that great waves of optimism and pessimism are what drive major economic fluctuations.
More specifically he has studied economic fluctuations and how they affect employment.
Absent any scientific consensus about the ultimate source of economic fluctuations, oversimplified theories abound.
His doctoral thesis was a dense mathematical treatise on the causes of economic fluctuations.
Household income has always been susceptible to economic fluctuations as is evident in the figure.
Michigan has experienced significant economic fluctuations since the late 20th century.
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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