Sorry, no online dictionaries contain the exact phrase economic despair.
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Reverse dictionary results:
1. recession
2. depression
3. downturn
4. slump
5. stagnation
6. decrement
7. de-escalation
8. diminishing
9. law of diminishing returns
10. subsidence
11. declinature
12. disentrainment
13. downgrader
14. downlevel
15. downscale
16. downwardness
17. dwindling
18. ebb
19. evanescence
20. exponential decay
21. lowerer
22. short
23. belt tightening
24. decline
25. decrease
26. diminishment
27. downgrade
28. downgraded
29. downgrading
30. downshift
31. less
32. on the wane
33. shrinking
34. slack
35. slowdown
36. wane
37. waning
38. abate
39. bringdown

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You can look up the words in the phrase individually using these links:   economic ?   despair ?
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