Economic crises have a tendency to morph. After a crisis gets under way, its epicentre can shift and it can turn contagious in unpredictable ways, impacting areas previously presumed relatively safe.
For example, what starts as a domestic crisis can take on regional dimensions, affecting even healthy economies, as we saw in Asia in 1997, or go global, as happened after the United States subprime mortgage crisis of 2007-2008. Crises can also spread quickly from one sector to another and then engulf entire economies. Europe's real estate crises in 2008 morphed into banking crises a year later and then into a euro zone-wide sovereign debt crisis by 2012.