This dissertation examines global economic challenges and the impact of recession on business. The economy is a country’s state in terms of production, sale of goods, and money supply. It is a very crucial aspect of developing a given country. Therefore, it needs maximum attention from the government. Recurring challenges are affecting the economy. One is energy and environmental security concerning energy consumption and environmental protection. Irresponsible people misuse energy and decay the environment, therefore arising health and atmospheric problems. Secondly, high prevailing poverty levels due to uneven opportunities and insufficient education. Additionally, the rise of new powers such as China interrupts the economic management of the world. Addressing global of economic challenges is crucial for reducing the impacts.
global economic challenges and the impact of recession
THE IMPACT OF RECESSION ON BUSINESS ACTIVITIES
Recession is a sudden economic decline as a result of various factors lasting for months. The impact of a recession on business varies depending on the time it lasts. The current pandemic is an example of a recession. It affects the economy of all countries due to the closure of most businesses. This is an initiative for reducing the further spread of the coronavirus. Global economic challenges advance the effects of recession. One impact on businesses is bankruptcy, whereby the firms lose the ability to support themselves financially. Secondly, declining stocks due to the sudden decrease in revenue levels. Thirdly, during this period, there are massive employee layoffs hence, rendering many people jobless. There are several strategies for addressing of global economic challenges.
impact of the recession on business activities
STRATEGIES IN THE ADDRESSING OF GLOBAL ECONOMIC CHALLENGES
The world is currently facing global economic challenges following the commencing of the pandemic. Many countries are striving towards improving the economy by slowly opening sections of the economy. They are focusing on essential sections that will not extremely advance the spread coronavirus. Achieving this is through strict observation of precautionary measures. The strategies for addressing of global economic challenges include the following. One, adopting the use of technology in jobs, therefore, increasing efficiency and quality of output. Secondly, growing income inequality by striving towards raising the country’s gross domestic product. Moreover, growing social media influences on business activities, thus improving networking. These strategies reduce the impact of recession on businesses.
strategies in the addressing of global economic challenges
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