The purpose of this paper is to examine the effects of economic crisis on social economic aspects using conceptual and empirical findings measurement models. The economy is gradually recovering from a deep recession but high social costs persist. Significant structural reforms have been legislated, but their mix and implementation were uneven. Stronger exports and investment are a key to sustained recovery. Economic crisis is a phenomenon in which an economy is characterized by a sustained and significant reduction of economic activity. Economic activity refers to all aggregates of the economy such as employment, national output, prices, investments and other. It is easy to understand that the country has faced both market liquidity problems and the drop in living standards due to the austerity measures and the structural problems which hinder entrepreneurship.