Global Recession and Contributing Factors
Reyansh Baid
Reyansh Baid, Department of Economics, Modern School Vasant Vihar, W- 151 2nd floor Greater kailash 2 New Delhi. India.
Manuscript received on 01 May 2023 | Revised Manuscript received on 11 May 2023 | Manuscript Accepted on 15 May 2023 | Manuscript published on 30 May 2023 | PP: 36-42 | Volume-3 Issue-1, May 2023 | Retrieval Number: 100.1/ijef.B2554113223 | DOI : 10.54105/ijef.B2554.03010523
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© The Authors. Published by Lattice Science Publication (LSP). This is an open-access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: This research study discusses the versatile nature of global recessions, outlining their causes, implications, and strategies for recovery. It delves into factors such as financial crises, declining consumer spending, trade contractions, business investment decline, monetary and fiscal policy changes, commodity price shocks, credit crunches, housing market collapses, and geopolitical events, all of which contribute to economic downturns. The consequences of global recessions, including unemployment, bankruptcies, reduced investment, financial instability, and budget pressures, are examined. The paper proposes a recovery plan that encompasses fiscal stimulus, monetary policy adjustments, financial sector stability, trade facilitation, and support for small businesses, labor market reforms, social safety nets, international coordination, debt relief, long-term investment, and regulatory reforms. The importance of tailored strategies, transparency, equity, and collaboration is emphasized for a comprehensive and resilient recovery from global recessions. The abstract concludes by underlining the need to draw lessons from history, adapt to changing economic landscapes, and remain agile in policymaking to promote stability and prosperity.
Keywords: Recessions, Economic degeneration, GDP, Trade, Global recessions, Financial conditions, Corporate confidence, International Monetary Fund, Capital flows, Oil consumption, Unemployment, Commodity prices, Monetary policy tightening, Fiscal policy changes, Price shocks, Credit crunch, Housing market collapse, Geopolitical events, Interest rates, Labor market reforms, Social safety nets, International coordination, Debt relief, Long-term investment
Scope of the Article: Economics