what would be correct: commercial reality, business reality or economic reality?

Question

Answer

This might depend on context but "economic reality" is heard quite often. "Commercial Reality" and "Business Reality" are possible but sound strange.

Have a look at the title of this news story. This usage is very common.
http://www.csmonitor.com/Commentary/Editorial-Board-Blog/2011/0328/Global-economic-reality-check-beyond-doom-and-gloom-a-quiet-boom

Answer

They're all correct. It depends what you are trying to say.