Comment on Global Economic Recession

Name: Sika Charlotte

Topic: Comment on Global Economic Recession

Global economic recession has to do with the period of general economic decline, throughout the whole world. Recession has to do with the period of reduced economic activity. The term recession, in economics generally describes the reduction of a country's Gross Domestic Product, (GDP), or the act or action of receding: (withdrawal) or an act of moving backwards or downwards. This can be termed as a period of general economic difficulties that cut across various industries and geography.

This economic recession, is global, which means the recession is experienced throughout the world. Examples of places which are experiencing recession are Japan; according to news, "Japan recession deepens as factory output plunges ", as stated by Jason Clenfield and Toru Fujioka who comments on the recession in Japan.

It is worth noting that on the 27 of February, (Bloomberg) Japan's manufacturers cut production by a record percent in January and household splendid plunged, adding to evidence that the economy in its worst recession in 60 years.

For the case of Germany, jobless rate has climbed from 8.3% in January, when it rose by nearly a full percentage point. This makes it clear that the global economic crisis is digging its teeth into German labour market. Here in Nigeria, our earnings from Oil have dropped so much with drop in the Oil price.

Also, in the United States, the automobile and banking are currently facing crisis and are seeking a government rescue or 'bail out'. The story is the same in Netherlands, the UK, France, Italy and Spain.

Finally, I have to comment that this situation has caused many industries all over the world to fold up and lay-off most of their workers, and if something is not done fast, the situation would go worse.