Global Recession Term Paper
Paper on Global Recession:
Global recession is the issue on economics and it means the reduction of the economic growth of the majority of countries of the world simultaneously. Evidently, any economy exists separately from the world’s economy, so it is natural that if there is recession in one country, it influences the situation of the other one and as a result there is a crisis of a global size. Since World War 2 there were already four global recessions which caused negative impact on the international economics.
These recessions lasted for no more than a year or two and then the situation became stable and the countries experienced the economic growth again. The latest global recession occurred in 2009 and was associated with the global financial crisis. Recession is characterized with the number of interconnected problems.
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First of all it is the reduction of the purchasing power of the common people, because their wages remain on the same level but the prices grow fast making people poorer. Then, there is unemployment. This factor is extremely important, because it adds stress into the masses and reduces the purchasing power as well, as the unemployed do not have money to buy something.
As a result, there is crisis in production, or overproduction. There are many products, but there is no demand for them, as no one has money to buy them. Next, there is the crisis in oil consumption, the oil becomes more expensive or loses its price (depends on the situation). Finally, recession is associated with the lack of investment as investors are afraid of giving money for the development of business in the troublesome crisis areas.
Global recession is the problem which is useful for the students who are involved in economic studies and want to improve their knowledge in numerous branches of macro and micro economics.
The student can dwell on the explanation of the term “global recession” supporting it with the arguments and evidence. One can think about the cause and effect of recession, its importance for the international economic relations, the human well-being and financial development of different countries. Then, it is possible to observe the matter from the historic point of view comparing the previous global recessions with one another.
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