GLOBAL ECONOMIC MELTDOWN: THE WORLD ON THE BRINK OF GLOBAL RECESSION

Abstract

This article analyses the global economic crisis and issues with potential global recession in relation to causes and effects on world economies. This work uses qualitative research methods which derive implications from secondary data sources that include publications and reports from international financial institutions and accredited journals and other relevant publication houses. The study aims at identifying major causes of the current economic volatility including inflation, geo-political risk, shut-down of supply chains and policies from the central banks. It also evaluates the impact of economic measures that can be prepared or used to avoid or at least reduce the looming recession. The objective of the paper is to explore whether a Global Recession can still be prevented due to the integrated global structures of economies and the limited options that remain available to fiscal and Monetary Agents. Analyzing this issue the article concludes that albeit certain corrective measures may retard or alleviate the impact, it might become harder and harder to avoid a recession.