Contest - My Thoughts on The Global Recession
My Thoughts on The Global Recession
Introduction
Assalamu Alaikum,
My name is mahadi. My steemit name is @mahadisalim. How are you all Hope you are well by God's grace. First, I would like to thank @ripon0630 bro for organizing such a nice contest. The name of the contest is my thoughts on the global recession.
Global Recession
Design By Canva
A global recession is a decline in the world average per capita GDP in any given year. Again this can be the case for a specific country. GDP per capita is calculated based on PPP (Purchasing Power Parity) or people's purchasing power. I am mentioning below that a country has some economic reasons for a recession or global recession. Fuel oil, industrial production, unemployment rate, capital flow, investment per capita, etc. And in these cases, problems are created due to geopolitical wars and epidemics. Below I have mentioned some of the causes of the global recession.
| Year | Point of Issue |
|---|---|
| 1975 | Fuel Oil ( Arab-Israel War) |
| 1982 | Fuel Oil (Islamic Revolution in Iran) |
| 1991 | Fuel Oil ( Persian Gulf War) |
| 2020 | Corona Pandemic |
| 2023 | ? |
The coming global recession will be due to the Russia-Ukraine war. The main issue will be fuel oil.
✅ I think we will face a global recession in the coming years. Based on the following factors, I am convinced that a global recession is likely.
Yes, I think we are going to face a global recession. I guess we will face a global recession depending on the following:
Increase in Fuel oil prices:
In 1979, 1982, and 1991, the main reason for the global recession was the increase in oil prices. During these times, there was a war due to geopolitical reasons, so the price of oil increased. From this, we can say that due to the Russia-Ukraine war, we are going to face a global recession again.
Gas crisis:
Russia and Ukraine are the most advanced in terms of gas supply in the world. Due to this war, the gas supply has decreased. Due to this, the price of gas has increased a lot. Since the production of industrial factories is mostly dependent on gas, the cost of production has increased a lot.
Rising unemployment:
Due to the Russia-Ukraine war, many companies in different countries are closing down due to an increase in the price of goods, the dollar crisis, etc. As a result, companies are laying off workers day by day. As a result, unemployment is increasing.
The American company Amazon laid off about 18 thousand workers in January 2023. This means that unemployment will increase due to the global recession.
Data collected source
✅ Here are the lessons that can be learned from past global recessions and how they can be applied to future economic downturns:
- In my opinion, the production of food products should be increased in the same way as during the past global recession, the production of food products has increased depending on agriculture.
- The foreign exchange reserves should be increased to overcome the crisis for at least one year.
- Import dependence should be reduced. Since there will be a shortage of dollars, imports will have to be reduced.
- If the price of oil decreases in the world market, it should also be reduced in the domestic market.
✅ Yes, I have advance preparation as below:
- I have to go to the village and increase agricultural production. Then it will be possible to eliminate unemployment. If unemployment is eliminated, I can get rid of the global recession.
I have to rely on renewable energy.
Import dependency has to be reduced.
Foreign income should be increased.
I am trying to find a job in a developed country.
Thank you for inviting me, brother. You explain your point of view very clearly. All the best.
Thanks for your invitation. Very good presentation. All the best brother.
The images used in your post are not copyright free. I use pixabay to use copyright free images. Where you will find many images for free. Below is the link.
https://pixabay.com/
Thank you.
Thanks @solaymann sir , I now use the pixabay image.