Background: There is consistent evidence of an inverse relationship between poverty and mental health. However, the influence of economic crises on mental health is not well studied and there are very few data particularly from low-and middle income countries (LAMICs). This review discusses theories and views on the impact of economic crises on mental health in LAMICs and reports the results of two empirical studies. Result: It appears that relative deprivation and the social and psychological meaning of deep changes in the economic situation of a person, a family or a group, have a greater effect on mental health than just material circumstances and unemployment.