Recession in UK & Japan! What will be the impact? | UPSC 2024 Current Affairs #shorts
Now recently the United Kingdom and Japan have fallen into recession generally recession is defined as a period of fall in the GDP in two successive quarters causes of recession are a steep increase in oil prices because of international crisis like the Russia Ukraine conflict and tension in the middle east financial Market
Problems like rise in bankruptcies defaults or foreclosures and pandemic outbreak talking about its impact it increases unemployment especially among the low-skilled workers stricter Financial lendingsuite.co
Generally, recession is defined as a period of fall in the GDP in two successive quarters.
Causes of Recession
– A steep increase in oil prices because of international crisis like the Russia-Ukraine conflict and tension in the Middle East.
– Financial market problems like rise in bankruptcies, defaults, or foreclosures.
– Pandemic outbreak
Impact of a Recession
– It increases unemployment especially among the low-skilled workers.
– Stricter financial lending, drop in output and business closures.
– Adverse effects of recessions in large economies are rapidly felt by their regional trading partners, especially during globally synchronized recessions.
How to prevent it?
– The most popular, or most recommended, policy for any country to come out of recession is expansionary fiscal policy like tax incentives and increased government spending.
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