Most of the countries all over the world are experiencing this phase of economic recession termed “Global Economic Recession” by financial analysts. Economic recession is the new hit song topping the charts the world over. Most companies have already been relegated to the league of financial bankruptcy. Many companies as well as countries have become bankrupt or are on the verge of it. Millions of people have lost their jobs, families have lost their homes, and most importantly bread winners have turned to bread losers. Many people have lost millions and billions of dollars. People in general are scared and fearsome. This is not the first time that the global economy is going through recession and this is also not going to be the last time. The United States of America, the fulcrum of the world’s economy had experienced several depressions before the stock market crash on October 27, 1929, none had been as severe or as long lasting before “Black Thursday” struck Wall Street. There is a pattern involved in it. On an average it is happening after every 8-10 years. This article has been written to highlight some of the issues involved and some of the possible solutions one can adopt to survive this hard time.

Before I proceed, I want us to check the meaning of the term recession. According to Oxford Advanced Learner’s Dictionary “Recession can be explained to mean a temporal decline in economic activity or prosperity.” It is said that “the solution to a problem lies in the problem.” Let’s borrow some few moments from history by analyzing the great depression of 1929-1939. The Great Depression took place from 1930 to 1939. During this time the prices of stock fell 40%. 9,000 banks went out of business and 9 million savings accounts were wiped out. 86,000 businesses failed, and wages were decreased by an average of 60%.

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