Global Recession

16 February 2023
Wednesday

Hello everyone!

@ripon0630, It is like I was waiting for this contest for a long and finally got the chance to write on this issue. I appreciate your creativity. I have no word to admire your contest theme. Okay without delay, I am moving to main part.

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Do you think we will face a global recession in the coming years? Based on what factors have you confirmed that there may be a global recession?

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Neither you nor I can ensure that a global recession will occur in 2013. But we can make a prediction considering the economic situation of the country and different countries of the world. Yes, I think we will face a global recession in comming years or even months. The Prime Minister of our country Sheikh Hasina has expressed fear about the global recession of 2023. In a speech given at an event on October 4 last year, she said, "In 2023, the global recession may take a severe form. Keeping this in mind, everyone should prepare for their own protection." And that's why she requested everyone to be economical and thrifty from their respective positions.

The factors give sign to us or me that there may be a global recession are given bellow.

• Rising commodity prices
  Every citizen of Bangladesh is extremely disappointed due to the increase in commodity prices. Many people are now struggling to meet their adequate food needs, especially due to rising food prices. This is the first prediction that the country will face a recession.

• Abnormal rise in fuel prices
  This has created economic crisis for many countries.The ever-increasing price of fuel alarmed the people of the country and signaled a recession.

• The amount of sending workers abroad is decreasing. It is also a clear sign of global recession.

• Exports of the readymade garment industry are declining.The bulk of Bangladesh's export earnings come from the garment industry. And the export of this garment industry has decreased. It can be said as a sign of recession.

• Due to the covid-19 situation, the global economic crisis is one of the reasons for the global recession.

• A war between Russia and Ukraine could lead to a global recession.

How do you think the global recession will affect the job market, and what skills and qualities will be most in demand in the future?

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A lot of people in different countries will lose their jobs or businesses and become unemployed in the world recession
Without a strong government system, there will be no incentives for them. this will affect badly in job market. Many companies, organizations will lay off their workers.
If you are got it something then it will help you in your future. Any job skill can make you shine. Still, if I am asked which skills and qualities are most in demand for the future, the first thing I would say is leadership skills. We all know about the leadership skills. I don't have to introduce you all with this skill. Skills and qualities in ***coding, project management, critical thinking, artificial intelligence, designing, graphic designing , freelancing will be the most in demand in the future.

What lessons can be learned from past global recessions, and how can these be applied to better prepare for future economic downturns?

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1. In the worst global recession ever, we saw countless people lose their jobs and homes. From the disastrous lessons of the past we can prepare ourself and our country for the future. Even if we are fired from our jobs, every person should have enough savings to survive until help comes from somewhere else. I'm not talking about a lot of savings, I mean at least some savings.

2. During the previous global recession and some time after the recession, we saw that many people fell into depression and many chose to commit suicide to get rid of the depression. They lost the will and interest to live.We should learn from that experience that we should not be discouraged. We all need to remember that the global recession will not last forever. After some time every country and its people will overcome such system. Till then we have to live with patience.

Do you have any prior preparation? What are they?

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Yes, I even think the whole country has some pre-preparation for the upcoming disaster situation. Below I am presenting some of my pre-preparation to you.

• I cut back on my unnecessary spending.
• I have been frugal in the use of public resources of my country like electricity, water etc. even though I have to pay for using them.
• Some steps or pre-preparations are being taken by the country's government.
• The government has requested that every arable land in the country be cultivated to reduce food shortages.

Recession is a global issue. We all need to work together to survive this recession. Every country and its people must work together to be less affected by this recession. At last, I am inviting my friends
@mdkamran99
@enamul17
@pathanapsana
To participate in this contest.

Regard

@pea07