Question

Discuss the impact of institutions, public policies, and regulations during the great depression and the covid 19 recession

Answer 1

The Covid-19 pandemic has challenged everyone to maintain situation amid crisis and prepare for an uncertain future. Like any other crisis this will also leads to Respond, Recover and Thrive. Although every recession is different, but the issues and the challenges faces by every person in the pandemic is really unbearable.

Amid so much uncertainty, we should focus on keeping taxes low, developing plans for fiscal consolidation, and ignoring new regulations until the economy is back on track, is the only solution.

The great Depression brought a rapid rise in the crime rate as many unemployed workers try to do the work which they shouldn't do. Suicide rates rise, cases of malnutrition. Prostitution was on the rise as desperate women sought ways to pay the bills.

COVID-19 recession appears to have turned the corner in most countries. But current private and official forecasts, This persistence of public sector declines after the Great Recession should inform state and local policy responses to the job and revenue losses driven by COVID-19.

Although this Recession was followed by the longest period of economic expansion on record, that recovery is widely regarded to be incomplete, characterized by both widening inequality and very slow growth in real incomes. Institutions strongly affect the economic development of countries, They determine the volume of interactions available, the benefits from economic exchange, and act in society at all levels by determining the frameworks in which economic exchange occurs.

In short, during Recession or COVID-19 period our economy goes on roller coaster. All the things does the adverse affect to the country and on societies.

Thank you.

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