GLOBAL RECESSION TIME

by Alvic Asher Alfred Dean

The whole world is going through inflation after Covid that leads towards recession. The World Bank has warned that the global economy is “perilously close to falling into recession". Causes behind this global recession are various but mainly several waves of different types of Covid, war between Ukraine and Russia, Afghanistan and South vs North Korea. Economic growth is falling almost all countries including China and America.

Inflation rate is even more alarming in Pakistan, as Pakistan's growth is set to only 2 percent for the year 2023.  The rate was projected at 4 percent only a few months ago, but it stopped due to the flood in Pakistan. Still big number of agricultural land is not restored for further growth. People of flood effected areas are suffering with financial crisis without homes and necessities of life.

In India, Maldives, and Nepal, the growth rates are much better, at around 5 percent.  This helps out for the region and offsets such perilous events as the flood in Pakistan and the political unrest in Afghanistan and Sri Lanka. 

Neighboring India is actually the fastest growing major economy in the world.  How does this affect individuals in a global economy?  We should, as citizens be prepared.  Get ready for tougher times than usual.  This means trying to save money wherever and however you can.  Some people like to use coupons, others like to sacrifice expensive things they like but, do not necessarily need.  Or buying things they like but don't need after waiting a little while, and not right away.  Christians may turn to pray at these times, hoping God will lessen the impact of a recession. Indeed, I thank god for all I have and pray to God for help in these harder than usual times. I think we should all start preparing so when the storm/recession hits, we will be ready for the enemy with a plan in our minds that can stop the enemy.  Reduce, Reuse, Recycle is a good slogan to keep in minds at these times.