global recession

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hi there,,,, well as we all know that the world is going through a bad time of recession every big name in the industry is facing losses,cutting there costs to keep there expenses in limit moreover they are retrenching employees and the worst effect of the recession is on the eduacted unemployed the persons who are ready to get employed but cant get a job because of the current situation,,,,,well what do you all think are the most probable reason for this recession??????