Question

In project one we studied the many different factors that were involved in the creation of the “Great Recession.” So just how serious is this

downturn in the economy? What is the exact depth of the impact of this situation on society? These questions we will attempt to answer in the next two projects.

For the second project

each person will choose a current economic event. The event may be domestic or foreign. All of the events need to be different, so they must be approved by the Instructor. Utilizing

research and economic indicators as necessary, explain in detail what the event is, how and when it began, and how that event is impacting your life

on a personal level. Each individual/team will gather their research, prepare, and submit a short paper explaining the results. The length of this report is

not as important as the quality of the contents (research). Include as much of the research documentation as possible. The paper should be at least 1 to 2 pages in length and should have a minimum of 5 different sources. This project begins to highlight how every economic event, no matter what it is or where it is occurring can impact every person in society.

Answer 1

Analyzing recessionary impact on India:

References: 1. https://voxeu.org/article/great-recession-and-india-s-trade-collapse

2. https://www.economicshelp.org/blog/7501/economics/the-great-recession/

3. https://voxeu.org/article/economic-crisis-europe-cause-consequences-and-responses

4. https://www.usatoday.com/story/money/business/2013/09/14/impact-on-states-of-2008-financial-crisis/2812691/

5.https://publicpolicy.pepperdine.edu/academics/research/policy-review/2010v3/content/latin-america-and-the-financial-crisis-of-2008.pdf

We have five different sources to study impact of 2008 recession on different parts of the world. The topic to focus is :

The Great Recession and India’s trade collapse(Reference 1)

This article analyzes the impact on Indian economy. It was clear that Indian banking survived this huge impact due to proper monetary policies and not leveraging loans too much.

However, Indian exports and imports both contracted due to global slowdown. Companies in India also had reduced hiring employees as they were unsure of exact global impact.

All the sectors of import and exports were affected from goods to services and from foreign direct t portfolio investments. India had to check alternative markets for its exports and reduce dependence on USA.

Similarly, USA, Latin America. European Union, UK were affected in a negative way. European Union was already struggling with a few of its economies like Greece and recession only worsened the situation.

As USA is the largest economy, the impact of recession affected even in Latin American countries.