What is the impact of global economic recession?

What is the impact of global economic recession? - What is the impact of global economic recession? Are all industries which depend heavily on exports, are likely to suffer?
India
January 28, 2009 2:49am CST
What is the impact of global economic recession? What is recession? What causes it? What is the impact on the economy? What can we do to avoid it? When will it end? Are all industries which depend heavily on exports, are likely to suffer? Consider Software companies, jewellery, textiles, brass ware, auto Component manufacturers etc. Orders will dry up, factories will have to be shut down, albeit temporarily, jobs will be lost and so on. It is already happening on a large scale. You must have heard latest. Foreign governments (US and Saudi Arabia are latest) are advising employers in their countries to fire expatriates (Indians are in large numbers) first, if they are to downsize. Are the things going to be worse further?
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4 responses
@agrim94 (3811)
• India
10 Feb 09
Global recession is when the economy of world shrinks.. when it shrinks then all of the industries show negative results and people loose their jobs and if jobs are lost then the spending power decreases and it further accelerates recession because if people dont have money they cant buy things, they cant buy things companies wont be able to sell their products and if products are not sold then companies loose money and more jobs are lost so it is circular thing and lots of factors are there. this time it is basically Western banks got greedy and advanced huge loans to persons who they knew may not be able to repay and when they defaulted banks went down and with that the industries they had loaned and with that jobs and everything.
@inkyuboz (1288)
• Mandaluyong City, Philippines
28 Jan 09
I know there are many workers getting fired from their jobs because of this crisis. Gas prices have risen to a very alarming level. Food is scarce and like gasoline, the prices are slowly rising up as well. I just hope this ends soon because I can't take it anymore. This is too much, this needs to be resolved before it escalates and turn into something much worse. Let's hope for the best.
@underdogtoo (9599)
• Philippines
28 Jan 09
The good thing about this recession is that gasoline prices have gone down. The bad thing is that many companies are laying off workers which should make the people a little bit smarter and not rely on corporations to give them jobs and income. Cheers!!!
@kaitan (46)
• Japan
28 Jan 09
Yeah, the global economic recession is so sudden that we can't do anything about it as of this moment.Even here in Japan, many companies are downsizing and many people lose their job. Foreign workers went back to their home countries. I think it's difficult to recover and things will get worse...The best thing that we can do right now is to invest and spend money wisely. If you have a job right now, love it, you're lucky to have one....