Global Recession Essay

9707 words - 39 pages

NATIONAL INSTITUTE OF MANAGEMENT PESHAWARINDIVIDUAL RESEARCH PAPERGLOBAL RECESSIONByMuhammad Ejaz Khan(ITG)A paper submitted to the Faculty of the National Institute of Management, Peshawar, in partial fulfillment of the requirements of the 6th Mid Carrier Management Course.The content of this paper are the end product of my own research and reflect my own personal views and are not necessarily endorsed by the Institute.Signature:________________Date:___________________Paper Supervised by:Mr. Muhammad Tayyab (ADS)PREFACEThe topic assigned to me by the National Institute of Management Peshawar sounded quite vast and extremely difficult to cover up within the limits prescribed for the Research Paper. However, once set out to work on it, it carried a lot of interest for the intelligentsia because of the wide ranging political, social and economic implications of the issue of economic recession facing the contemporary world.In this respect, I am extremely grateful to the Faculty and Administration at the NIM Peshawar for they have extended all types of facilitation from library containing books and collection of newspapers' clippings on the issue, plus the I.T assistance for extended hours. The facilities provided by the NIM at the campus were of great help in finalizing this paper.I am extremely grateful to the Advisor for this Research Paper - Mr. Muhammad Tayyeb (ADS)- who has been a source of guidance all along. I am also grateful to the valuable guidance provided to me by Dr. Faizan ur Rehman, D.S NIM, in finalizing this Research Paper. Guidance provided by Ms. Ayesha Ahsan, participant 6th MCMC, has contributed towards finalizing the Research Paper. The staff at the I.T. Lab was immensely helpful in providing timely and effective I.T. assistance. I would appreciate cooperation of all of them. Otherwise, the work on this extensive topic would have been extremely difficult.MUHAMMAD EJAZ KHANPeshawar ITG(6TH MCMC)Aug., 2009.EXECUTIVE SUMMARYThe current Global Recession has jolted the economies around the world. It has caused severe economic and social effects. The impact is felt everywhere although it is varying in intensity from country to country. It is an economic earthquake of quite big magnitude. It has resulted into wide scale closures and bankruptcies around the world, high rate of unemployment and loss of income, curtailment of consumption and shrinking of production. This has generated a continuous and, an unending chain reaction. The countries are lowering down their GDP growth forecasts, cutting their expenditure, resorting to tax cuts, rebates, huge bailouts and transfer payments.The term Global Recession has been defined as the global economic downturn. The recession has been defined and analyzed in historical perspective. The term Global Recession has been defined in comparison with other more or less similar terms like, economic depression, economic stagnation, and stagflation.The causes of Global Recession need to be identified....

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