The topic of this final paper entitled Economic Development and Economic Crisis is the development in the economy, the definition of differences between economic growth and development and the preconditions for their realization. Also, the subject of this research are economic crises, their causes and consequences, and policies and instruments aimed at mitigating the consequences of the crisis. The initial chapter explains the concept of economic growth, the main factors influencing the growth of a country's economy, as well as how to measure economic growth. The concept and structure of gross domestic product, as well as gross domestic product per capita, ie gross domestic product per capita, are clarified. The concept of economic development and its indicators are specified, and then it is shown how economic development manages to meet human needs and how it affects the improvement of living standards. This paper presents chronologically the economic growth and development in the Republic of Croatia from 1995 to 2019, and presents a comparison of Republic of Croatia with neighboring countries (the chosen countries are Serbia and Slovenia and the gross domestic product growth in each of these countries is shown to compare economic growth and development). The paper analyzes the latest world financial and economic crises throughout history, including the economic crisis in the European Union and identifies the causes of the crisis and explains what it represents for the economy and what are the consequences of the economic crisis on the Croatian economy. It was clarified what policies the state is using to mitigate the consequences of the crisis.