MLST NEWS:Trump orders ‘vast’ effort to protect elections, amid warning US democracy ‘in crosshairs’

A top adviser says the president will “not tolerate interference”, as a security chief warns US democracy is “in the crosshairs”.

 

SOURCE:

 

https://news.sky.com/story/trump-orders-vast-effort-to-protect-elections-amid-warning-us-democracy-in-crosshairs-11458069

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MLST ARTICLE:AT THE RIGHT TIME–REVISED EDITION.

Many people existing on earthly pedestal have been seen and known to be a victim of hoping, dreaming and waiting for the right time.

Even some people are fond of making statements that “I will do it at the right time”.

 

This statement has been a very good source of fanning and propagating procrastination as a culture and a way of life.

 

As it is a known fact that procrastination is nothing but an evil that steals time and waste the destiny of any human who is fond of given access to the evil of procrastination.

 

Procrastination does nothing but to delay and make productive efforts that demands and need urgency and attention to become irrelevant, thereby losing its quality and effects in the course of time.

 

It is a known fact that so many things are lying fallow presently waiting for human attention and efforts that will turn them around into legacy and a concept of ideologies and philosophies that will end up becoming a source of values and a channel via which humanity will be emancipated from the clog of slavery and relieved from the claws of confusion that kept ravaging human existence presently without any control.

 

 

Without any shade, it should be known to all that larger percentage of the challenges bedeviling human existence were caused and triggered by human beings due to many factors that can be summarily concluded to have emerged through ineptness, ineptitudeness, self-centeredness and mediocrity that have made the entire world to believe that values and virtues must be relegated for the celebration of crimes and vices to high heaven.

 

These sorts of challenges will be over when everybody in existence starts changing their orientation and mindsets by making sure that it is our responsiveness and responsibilities to build an egalitarian society whereby the essence of our existence would be protected and preserved accompany with efforts that will be accommodating enough in making sure that equality of all men is the only way by which the world can become better and a place whereby the world can be a home for all of us.

 

Human beings need a world that can be seen as a home for all whereby every human will ensure that fraternity of everyone living on the surface of the earth becomes a subject that will be enshrined and established as a concept viable enough to make personal and social developments of all human a priority.

 

 

 

 

In the course of human existence, there is nothing like the right time but the emergence of the right time chronicled in human history has been an outcome of human efforts involving the contribution of right people who believed in making sure that things become right in the process of time.

 

“Do not hesitate or feel reluctant to do the right thing even when the time is not right.”

 

The right time can never emerged until people who believed in doing the right thing stand up to their feet and ensure that right things are entrenched and established for the benefit and emancipation of humanity in the process of time.

 

In reference to the title of this article:

 

“At the right time….”

 

The question is:

 

When is the right time?

 

We all crave and yearn for the right time, a time whereby everything will be right, a time whereby we all experience living at the center of the reality of our dreams, a time whereby we live in mecca and find ourselves in Eldorado but while we are still awaiting a time like this, it is of essence for us to know that we should stop wasting our time for such a time because the reality of such moment will remain impossible until we start doing the right things in a little manner until it becomes a concept that will elevate others thereby becoming what everyone will end up carrying out as a legacy that is pushed and propelled at the right time.

 

 

 

right time

 

 

Never wait for the right time before you start making efforts to do the right thing because the right time might remain a mirage till eternity but start making every time right by making sure that right things in terms of concepts, ideologies and philosophies are put in place in ensuring that everyone around benefits immensely and this should be done and carried out bit by bit until a little drop of water and sands becomes a mighty ocean.

 

We are created and allowed to be in existence breathing through our nostrils in order that others around us can become bigger and better through our contributions in one way or the other.

This must be our ultimate goals that we are created for others and the existence of others should be ensured by our contributions no matter how inconsequential and insignificant it might be.

 

While we are alive and breathing, let us make sure that our existence counts in the course of time by becoming an eye to the blind, a mouth to the dumb, an ear to deaf and a leg to the lame.

 

While we are a destitute, let us ensure that we build mansions for other destitute.

 

The littleness in us is enough to ensure the emergence of greatness in others.

No one is useless in becoming a source of hope and an object of help to others.

 

Our contribution in making the world better is of necessity and it must be targeted towards lifting one person at a time.

This might be through our service to others because we become better when we ensure that others become better.

Masters and leaders are born when we give all we have towards the service of humanity.

 

In response to our service towards the emancipation of humanity, there is a way we are paid back by humanity because it is a known fact that there will always be a time of reckoning whereby everyone in existence will reap whatever being sown at a point in time.

 

As likes begets likes, evil begets evil and good will surely begets good but the choice is ours to make and the resultant effects of the any path we took will end up becoming a reality that can never be altered and changed when it emerged and beckons.

 

Those who have ears should listen.

 

Right time will emerge when you ensure you do the right thing.

 

Right time is a function of doing the right thing at the right time.

 

Be a part of the right things done at the right time for the emergence of the right world that will accommodate and turn people in the world to tread on the right path that will end up ensuring a kind of world whereby right things become the order of the day at the right time in the right world.

 

When is the right time?

 

The right time is now.

 

Act fast and do the right thing.

 

Every moment of human existence is never the right moment for any one to make moves that will birth the reality of any achievement.

It is the person concerned that desire to make things happen that will ensure that the right things are done at the right time accompany with a kind of deep projection that will make such desire a reality.

 

No one should fold hands and expect that the right things will emerge or surface. What is right and everything we see as the right thing presently are things that became what they are in terms of usage and application by someone who took the bull by the horn to address issues and challenges that seems to be unachievable and unattended to by others.

 

Life becomes normal and easy due to the efforts of someone who believed that the right thing must be carried out in the process of time accompany with sacrifices and selflessness which are the main attributes that makes the thought of doing the right things to become a reality.

Time waits for no one.

It is essentially important for everyone to see reasons why the right thing must be done at every point in time.

It offers hope and makes the prospect of anyone having a better view about life to become a reality but the propensity of anyone achieving feats of accomplishment must be established in the desire to see that right things are done on time.

 

A successful and an egalitarian society becomes a reality when the existence of such society is built on the ability of the people living in such a society to build a sense that is channeled towards the establishment of right things.

 

Doing the right thing does not require rocket science or space science, the only requirement is simply the readiness to make things that are not properly done to carried out in the right way and at the right time.

 

 

©mlstcommunications

©mlstmedia

MLST ARTICLES:ECONOMIC RECESSION AND ITS IMPLICATIONS–REVISED EDITION.

The word “recession” recently forced itself on every Nigerian and it became part of our vocabulary. No single day can pass us bye without our daily tabloids being filled with it boldly written or printed. As popular as this word is, the meaning of this word might be strange but the implications and effect can be seen by every Nigeria. 

WHAT IS RECESSION?

According to the definition copied on http://www.economichelp.org,  a recession means a fall in gross domestic product GDP or national output.

1.Economic Recession Definition

Economic recession is a period of general economic decline and is typically accompanied by a drop in the stock market, an increase in unemployment, and a decline in the housing market. Generally, a recession is less severe than a depression. The blame for a recession generally falls on the federal leadership, often either the president himself, the head of the Federal Reserve, or the entire administration.

Factors that Cause Recessions

High interest rates are a cause of recession because they limit liquidity, or the amount of money available to invest.

Another factor is increased inflation. Inflation refers to a general rise in the prices of goods and services over a period of time. As inflation increases, the percentage of goods and services that can be purchased with the same amount of money decreases.

Reduced consumer confidence is another factor that can cause a recession. If consumers believe the economy is bad, they are less likely to spend money. Consumer confidence is psychological but can have a real impact on any economy.

Reduced real wages, another factor, refers to wages that have been adjusted for inflation. Falling real wages means that a worker’s paycheck is not keeping up with inflation. The worker might be making the same amount of money, but his purchasing power has been reduced.

Ref:

https://study.com/academy/lesson/what-is-economic-recession-definition-causes-effects.html:

 

2.Definition: An economic recession is a significant decline in economic activity, real GPD, real income, employment, industrial production, and sales following a decline in the aggregate demand for at least two quarters.

What Does Economic Recession Mean?

What is the definition of economic recession? When the government imposes higher interest rates, the cost of money rises, thus lowering consumer and government borrowing. Consumer confidence is declining, thus lowering the demand for goods and services. Furthermore, the financing of business operation becomes harder through borrowing, and firms have to lay off their workforce, thus increasing unemployment.

Normally, the recession follows the downward phase of an economy, with stagnation or decline in the investment, reduction of income, and increase of unemployment. From the downward phase the economy either enters a recession, or it resumes to the expansion phase.

Let’s look at an example.

Example

The subprime mortgage crisis of 2008 is one of the major economic recessions after the crash of 1929. The bursting of the real estate bubble in the summer of 2006 originally led to the bankruptcy of a large number of floating rate mortgages, and then moved to the market of corporate subordinated bonds issued to finance securitized mortgages. The outcome was a wave of collapses, mergers, and nationalizations after September 2008.

Through securitization, commercial and savings banks were moving their mortgage liabilities to the balance sheets of intermediary financial institutions. For instance, a mortgage of $1,200 was replaced by an equivalent amount provided by the intermediary financial institution and the bank was using the money to issue new mortgages, which in turn were also moved to the balance sheet of the intermediary financial institution and so on. In that way, the liabilities to equity ratio increased exponentially to 50 over 1 as opposed to 9 over 1, which is the norm for the banks.

Furthermore, the intermediary financial institutions were financing corporate bonds issued by investment banks that managed to convince the bond rating agencies to rate with AAA and AA corporate subordinated bonds that had securitized loans as collateral. To protect against bond default, institutional investors bought credit default swaps (CDs) issued by the AIG insurance company.

The consequences of the subprime crisis are mainly attributed to the size of the mortgage loans market, $12 trillion, out of which 75% were scrutinized. In August 2008, about 10% of the mortgage loans were past due or auctioned. Therefore, the crisis was immediately moved to the financial markets of other countries, causing a dramatic decline of 40 to 70%.

 

Ref:

What is an Economic Recession?

  1. In economics, a recessionis a business cyclecontraction which results in a general slowdown in economic activity.[1][2] Macroeconomic indicators such as GDP (gross domestic product), investment spending, capacity utilization, household income, business profits, and inflation fall, while bankruptcies and the unemployment rate rise. In the United Kingdom, it is defined as a negative economic growth for two consecutive quarters.[3][4]

Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock or the bursting of an economic bubble. Governments usually respond to recessions by adopting expansionary macroeconomic policies, such as increasing money supplyincreasing government spending and decreasing taxation.

In a 1974 The New York Times article, Commissioner of the Bureau of Labor Statistics Julius Shiskin suggested several rules of thumb for defining a recession, one of which was two down consecutive quarters of GDP.[5] In time, the other rules of thumb were forgotten. Some economists prefer a definition of a 1.5-2 percentage points rise in unemployment within 12 months.[6]

In the United States, the Business Cycle Dating Committee of the National Bureau of Economic Research (NBER) is generally seen as the authority for dating US recessions. The NBER defines an economic recession as: “a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDPreal income, employment, industrial production, and wholesaleretail sales.”[7] Almost universally, academics, economists, policy makers, and businesses defer to the determination by the NBER for the precise dating of a recession’s onset and end.

In the United Kingdomrecessions are generally defined as two consecutive quarters of negative economic growth, as measured by the seasonal adjusted quarter-on-quarter figures for real GDP.[3][4] The exact same recession definition applies for all member states of the European Union[8]

Ref:

https://en.wikipedia.org/wiki/Recession

4. Recession

A temporary downturn in economic activity, usually indicated by two consecutive quarters of a falling GDP. The officialNBER definition of recession (which is used to date U.S. recessions) is: A recession is a significant decline ineconomic activity spread across the economy, lasting more than a few months, normally visible in real GDP, realincome, employment, industrial production, and wholesale-retail sales. A recession begins just after the economyreaches a peak of activity and ends as the economy reaches its trough. Between trough and peak, the economy is inan expansion. Expansion is the normal state of the economy; most recessions are brief and they have been rare inrecent decades. The start and end dates are determined by the Business Cycle Dating Committee of the NationalBureau of Economic Research (NBER). It is a popular misconception that a recession is indicated simply by twoconsecutive quarters of declining GDP, which is true for most, but not all recession. NBER uses monthly data to datethe start and ending months of recessions.

Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Recession

A prolonged economic retraction. While there is no technical definition of a recession, they are conventionally definedby two or more consecutive quarters of negative GDP growth. Recessions are marked by declines in productivityand investment and high unemployment. See also: Depression.

Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

recession

An extended decline in general business activity. The National Bureau of Economic Research formally defines arecession as three consecutive quarters of falling real gross domestic product. A recession affects different securitiesin different ways. For example, holders of high-quality bonds stand to benefit because inflation and interest rates maydecline. Conversely, stockholders of manufacturing firms will probably see company profits and dividends drop.

Case Study After nearly a year of falling commodity prices, rising unemployment, increasing personal and corporatebankruptcies, falling stock prices, and declining public confidence, the National Bureau of Economic Research made itofficial and on November 26, 2001, declared a recession. The announcement wasn’t a surprise to hundreds ofthousands of people who had lost their jobs and an even greater number of investors who had experienced substantiallosses in the stock market. The bureau’s Business Cycle Dating Committee of six academic economists determinedthe recession commenced in March 2001, when economic activity stopped growing. Although many economists usedeclines in gross domestic product to define a recession, the NBER Dating Committee examined employment,industrial production, manufacturing and trade sales, and personal income. The country’s last previous recessionlasted eight months and ended in March 1991. The subsequent ten-year period of uninterrupted growth betweenMarch 1991 and March 2001 was the longest in America’s history.

Wall Street Words: An A to Z Guide to Investment Terms for Today’s Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved.

Recession.

Broadly defined, a recession is a downturn in a nation’s economic activity. The consequences typically include increasedunemployment, decreased consumer and business spending, and declining stock prices.

Recessions are typically shorter than the periods of economic expansion that they follow, but they can be quite severe even ifbrief. Recovery is slower from some recessions than from others.

The National Bureau of Economic Research (NBER), which tracks recessions, describes the low point of a recession as atrough between two peaks, the points at which a recession began and ended — all three of which can be identified only inretrospect.

The Conference Board, a business research group, considers three consecutive monthly drops in its Index of LeadingEconomic Indicators a sign of decline and potential recession up to 18 months in the future. The Board’s record in predictingrecessions is uneven, having correctly anticipated some but expected others that never materialized.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.

Ref:

https://financial-dictionary.thefreedictionary.com/Economic+recession

  1. A recession is a significant decline in economic activity that goes on for more than a few months. It is visible in industrial production, employment, real income and wholesale-retail trade. The technical indicatorof a recession is two consecutive quarters of negative economic growth as measured by a country’s gross domestic product (GDP), although the National Bureau of Economic Research (NBER)does not necessarily need to see this occur to call a recession.

BREAKING DOWN ‘Recession’

Recession is a normal, albeit unpleasant, part of the business cycle. However, one-time crisis events can often trigger the onset of a recession. The global recession of 2009 brought a great amount of attention to the risky investment strategies used by large financial institutions, along with the global nature of the financial system. As a result of the wide-spread global recession, the economies of virtually all the world’s developed and developing nations suffered significant setbacks. Numerous government policies were implemented to help prevent a similar future financial crisis as a result. Typically, a recession lasts from six to 18 months, and interest rates usually fall during these months to stimulate the economy.


Ref:

https://www.investopedia.com/terms/r/recession.asp

 

WHAT ARE RECESSION PREDICTORS AND INDICATORS.

Recession Predictors and Indicators

There is no reliable way to predict how and when a recession will occur. But, according to many economists, there are some generally accepted predictors that. when they occur together, may point to a possible recession. First, asset prices will begin to decline. This includes home prices and other financial assets like stocks. Another possible predictor is unemployment; generally speaking, a three-month change in the unemployment rate and initial jobless claims will point to a recession. An inverted yield curve is also another predictor. When long-term yields fall below the short term ones (the 10-year vs. the 3-month Treasury securities), a recession will occur. Conversely, a positively sloped curve (in the opposite direction) will signal inflationary growth. Since 1970, all the recessions that have taken place in the United States up through 2017 have followed an inverted yield curve.

Aside from two consecutive quarters of GDP decline, economists assess several metrics to determine whether a recession is imminent or already taking place. These indicators are divided into two categories: leading indicators and lagging indicators. Leading indicators materialize before a recession is officially declared. Perhaps the most common leading indicator is contraction in the stock market. Declines in broad stock indices, such as the Dow Jones Industrial Average (DJIA) and Standard & Poor’s (S&P) 500 index, often appear several months before a recession takes shape. This was the case in 2007 in the United States, when the market began declining in August, four months ahead of the official recession in December 2007.

Lagging indicators of a recession include the unemployment rate. Though the Great Recession began in December 2007, the unemployment rate still indicated full employment — a rate of 5 percent or lower — four months later. The unemployment rate began declining in May 2008 and did not recover until several months after the recession ended in June 2009.

Ref:

https://www.investopedia.com/terms/r/recession.asp

HISTORY OF RECESSION

Economists say there have been 33 recession in the United States since 1854 through to 2017. Since 1980, there have been four periods of negative economic growth that were considered recessions.

  • July 1981-November 1982: This recession affected most of the developed world between the late 1970s to the early 1980s. During this time, the Federal Reserve wanted to rein in inflation and, as a result, began to tighten its monetary policy. Effects from the energy crisis in 1979 (the output of crude oil dropped in the wake of the Iranian Revolution, causing an uptick in prices) were also felt throughout the economy. American unemployment peaked at 10.8 percent in November 1982 and GDP declined 2.7 percent.
  • July 1990-March 1991: This downturn was caused by a combination of the Iraqi invasion of Kuwait in 1990 (which caused a shock to oil prices), weaker consumer and business confidence, and declining unemployment. It was estimated that the economy lost about 1.6 million jobs during this period — most of which were in the construction and manufacturing sectors.
  • March 2001-November 2001: This downturn was a result of Y2K, when dot.com companies were enjoying relatively high interest from investors. This boom led to a bust, with stock prices plummeting along with the values of many high-tech companies. But at the time, the Fed continued to raise interest rates, making it more difficult for companies to obtain (cheaper) credit to stay afloat. The 9/11 attacks also took place during this period, which worsened the crisis. The New York Stock Exchange (NYSE) closed for four days and U.S. indices dropped to some of their lowest levels following the attacks.
  • December 2007-June 2009: The housing bubble burst in the U.S. because of the subprime mortgage crisis. Oil and food prices still rose, despite a drop in housing-related assets. Many of the country’s large financial institutions failed or collapsed including Fannie Mae, Freddie Mac, Lehman Brothers, Bear Stearns and AIG. The nation’s car industry also experienced a fallout and stock markets saw significant drops. The government responded by introducing a $787 billion stimulus package to fuel economic growth.

Ref:

https://www.investopedia.com/terms/r/recession.asp

Global[edit]

Main article: Global recession

According to the International Monetary Fund (IMF), “Global recessions seem to occur over a cycle lasting between eight and 10 years.”[48] The IMF takes many factors into account when defining a global recession. Until April 2009, IMF several times communicated to the press, that a global annual real GDP growth of 3.0 percent or less in their view was “…equivalent to a global recession.”[49][50] By this measure, six periods since 1970 qualify: 1974–1975,[51] 1980–1983,[51] 1990–1993,[51][52] 1998,[51][52] 2001–2002,[51][52] and 2008–2009.[53] During what IMF in April 2002 termed the past three global recessions of the last three decades, global per capita output growth was zero or negative, and IMF argued—at that time—that because of the opposite being found for 2001, the economic state in this year by itself did not qualify as a global recession.[48]

In April 2009, IMF had changed their Global recession definition to:

  • A decline in annual per‑capita real World GDP (purchasing power parity weighted), backed up by a decline or worsening for one or more of the seven other global macroeconomic indicators: Industrial production, trade, capital flows, oil consumption, unemployment rate, per‑capita investment, and per‑capita consumption.[54][55]

By this new definition, a total of four global recessions took place since World War II: 1975, 1982, 1991 and 2009. All of them only lasted one year, although the third would have lasted three years (1991–93) if IMF as criteria had used the normal exchange rate weighted per‑capita real World GDP rather than the purchase power parity weighted per‑capita real World GDP.[54][55]

Australia[edit]

The worst recession Australia has ever suffered happened in the beginning of the 1930s. As a result of late 1920s profit issues in agriculture and cutbacks, 1931-1932 saw Australia’s biggest recession in its entire history. It fared better than other nations, that underwent depressions, but their poor economic states influenced Australia’s as well, that depended on them for export, as well as foreign investments. The nation also benefited from bigger productivity in manufacturing, facilitated by trade protection, which also helped with feeling the effects less.

Due to a credit squeeze, the economy had gone into a brief recession in 1961 Australia was facing a rising level of inflation in 1973, caused partially by the oil crisis happening in that same year, which brought inflation at a 13% increase. Economic recession hit by the middle of the year 1974, with no change in policy enacted by the government as a measure to counter the economic situation of the country. Consequently, the unemployment level rose and the trade deficit increased significantly.[56]

Another recession – the most recent one to date – came in the 1990s, at the beginning of the decade. It was the result of a major stock collapse in 1987, in October,[57] referred to now as Black Monday. Although the collapse was larger than the one in 1929, the global economy recovered quickly, but North America still suffered a decline in lumbering savings and loans, which led to a crisis. The recession wasn’t limited to only America, but it also affected partnering nations, such as Australia. The unemployment level increased to 10.8%, employment declined by 3.4% and the GDP also decreased as much as 1.7%. Inflation, however, was successfully reduced.

United Kingdom[edit]

Main article: List of recessions in the United Kingdom

The most recent recession to affect the United Kingdom was the late-2000s recession.

United States[edit]

Main article: List of recessions in the United States

According to economists, since 1854, the U.S. has encountered 32 cycles of expansions and contractions, with an average of 17 months of contraction and 38 months of expansion.[7] However, since 1980 there have been only eight periods of negative economic growth over one fiscal quarter or more,[58] and four periods considered recessions:

For the past three recessions, the NBER decision has approximately conformed with the definition involving two consecutive quarters of decline. While the 2001 recession did not involve two consecutive quarters of decline, it was preceded by two quarters of alternating decline and weak growth.[58]

Late 2000s[edit]

Main article: Great Recession

Official economic data shows that a substantial number of nations were in recession as of early 2009. The US entered a recession at the end of 2007,[61] and 2008 saw many other nations follow suit. The US recession of 2007 ended in June 2009[62] as the nation entered the current economic recovery.

United States[edit]

The United States housing market correction (a possible consequence of United States housing bubble) and subprime mortgage crisis significantly contributed to a recession.

The 2007–2009 recession saw private consumption fall for the first time in nearly 20 years. This indicates the depth and severity of the current recession. With consumer confidence so low, recovery takes a long time. Consumers in the U.S. have been hard hit by the current recession, with the value of their houses dropping and their pension savings decimated on the stock market. Not only have consumers watched their wealth being eroded – they are now fearing for their jobs as unemployment rises.[63]

U.S. employers shed 63,000 jobs in February 2008,[64] the most in five years. Former Federal Reserve chairman Alan Greenspan said on 6 April 2008 that “There is more than a 50 percent chance the United States could go into recession.”[65] On 1 October, the Bureau of Economic Analysis reported that an additional 156,000 jobs had been lost in September. On 29 April 2008, Moody’s declared that nine US states were in a recession. In November 2008, employers eliminated 533,000 jobs, the largest single month loss in 34 years.[66] For 2008, an estimated 2.6 million U.S. jobs were eliminated.[67]

The unemployment rate in the US grew to 8.5 percent in March 2009, and there were 5.1 million job losses until March 2009 since the recession began in December 2007.[68] That was about five million more people unemployed compared to just a year prior,[69] which was the largest annual jump in the number of unemployed persons since the 1940s.[70]

Although the US Economy grew in the first quarter by 1%,[71][72] by June 2008 some analysts stated that due to a protracted credit crisis and “…rampant inflation in commodities such as oil, food, and steel,” the country was nonetheless in a recession.[73] The third quarter of 2008 brought on a GDP retraction of 0.5%[74] the biggest decline since 2001. The 6.4% decline in spending during Q3 on non-durable goods, like clothing and food, was the largest since 1950.[75]

A 17 November 2008 report from the Federal Reserve Bank of Philadelphia based on the survey of 51 forecasters, suggested that the recession started in April 2008 and would last 14 months.[76] They project real GDP declining at an annual rate of 2.9% in the fourth quarter and 1.1% in the first quarter of 2009. These forecasts represent significant downward revisions from the forecasts of three months ago.

A 1 December 2008, report from the National Bureau of Economic Research stated that the U.S. has been in a recession since December 2007 (when economic activity peaked), based on a number of measures including job losses, declines in personal income, and declines in real GDP.[77] By July 2009 a growing number of economists believed that the recession may have ended.[78][79] The National Bureau of Economic Research announced on 20 September 2010 that the 2008/2009 recession ended in June 2009, making it the longest recession since World War II.[80]

Ref:

https://en.wikipedia.org/wiki/Recession

 

 

DIFFERENCE BETWEEN RECESSION AND DEPRESSION

A depression is a deep and long-lasting recession. While no specific criteria exist to declare a depression, unique features of the last U.S. depression — the Great Depression of the 1930s — included a GDP decline in excess of 10 percent and an unemployment rate that briefly touched 25 percent. Simply, a depression is a severe decline that lasts for many years. There have been 33 recessions in the United States since 1854, but there has been only one depression since then.

 

Ref:

https://www.investopedia.com/terms/r/recession.asp

 

What Are the Long-Term Impacts of a Recession?

Even though recessions are portrayed as short-term events, there are longer term consequences that come from a period of economic downturn. Higher unemployment can mean that affected people and families may be forced to put off saving for or pursuing educational opportunities, buying a home, or just saving for a rainy day. The quality of life and standard of living for most people start to decline as well, which can affect the stability of families, and their health and overall well-being. Businesses also start to feel the pinch; as consumers freeze their spending, small business profits start to decline and large companies may put off investing in research and development (R&D

Ref:

https://www.investopedia.com/terms/r/recession.asp

 

CHARACTERISTICS/IMPLICATIONS OF ECONOMIC RECESSION

Economic recession is usually characterized by:

1.High unemployment

2.Falling average income

3.Increased inequality

4.Rising bond yield

5.Higher government borrowing

6.Fall in tax revenue

7.Budget deficit

8.Output loss

9.Impact on workers

The impact of a recession depends on how long it lasts and the depth of the fall in output.

The fall in output simply denotes and implies fall in productivity which might make basic commodities needed by the populace to be scarce. The scarcity will give room for the forces of demand and supply to take over. Lower output triggers lower supply of goods and this will lead to increase in demand which will end up increasing the price of commodity in the market.

The recent economic reality witnessed across the length and breadth of Nigeria is shocking and strange, unimaginable and unfathomable by many Nigerians due to the high expectations that followed the landmark victory Nigeria masses handed over to the government of the day by rejecting former administration of President Goodluck Jonathan.

The electoral manifesto and promises of the APC government were so compelling and attractive that many Nigerians believed that the plight of average man on the street will experience a paradigm shift for better.

The bunch and bulk of this economic woes, hardship and downturn can never be blamed on this administration because it has started creeping and crawling in gradually at the end of the last administration which was mired with unreasonable degree of ineptness, ineptitude, corruption and mediocrity with stories of non-performance being relayed on a daily basis from our corridor of power in Aso Rock and in all the thirty-six states including Federal Capital Territory in Abuja. 

Now, Nigeria economy is in recession with rising cost of goods and services accompanied with high indices of unemployment soaring high on a daily basis, and the daily news of retrenchment aired on media platforms makes the heart of many heavy.

The impart and impact of this low ebbed economy has resulted in a forceful paradigm shift of every facet of our existence not for satisfaction but for survival.

No doubt about it, Nigerians can be described to be wasteful in their approach to manage every resources at the disposal but the present economic realities has been able to curtail and checkmate many forms of profligacies Nigerians are known for although many are still shying away and struggling to belief the adverse impact of this recession on every facet of our existence.

Frugal management of scarce available resources with parsimonious utilization and maximization of scarce resources targeted towards increasing national productivity output seems to be the only way out to salvage the implications of this economic recession. This is the only way by which our national, corporate and personal existence can be preserved without it being dented and affected by the impact of recession.

The present-day government needs an urgent drive towards economic approach and policies that will serve as a palliative to cushion the effect of this negative economic realities.

Since our reliance on crude oil is no longer beneficial and attractive, there is an urgent need to diversify our economy through the diversification of every resources inherent in all sectors in order to increase our productivity output in a short term.

Agricultural, solid minerals, human resources and other important sectors like educational and health sectors should be developed without leaving behind infrastructural development.

There is an urgent need to develop our power sector,5000mega watts is not enough to revive our economy from recession at all.

Ministry of power, works and housing should do more to maintain this 5000 megawatts with plan and processes that will increase power output to 30000 megawatts in short term.

This will easily revive the manufacturing sector with the development of agricultural sector in pari pasu so that agricultural output can fill the gap of dearth of basic raw material bedeviling our manufacturing sector.

The importation of local and international cutting-edge technology should also be tapped into in order to make our manufacturing sector vibrant.

Effort should be made in enhancing the production and manufacturing of finished products that have quality that can stand at par or even superseded what is obtainable in the international market. This will increase the volume of our foreign exchange earnings that has plum due to low crude oil price.

The development of our educational sector should be at the front burner of our developmental policies, there should be a paradigm shift of our educational curriculum towards introducing and exposing our students to the practical and entrepreneurial aspect of their chosen discipline from elementary education to university education. 

Health sectors, tourism and information technology are some of the sectors that will turn our economy to a destination for foreign investors with adequate investment to improve security because all these will become achievable in a peaceful environment where there Is safety of life and property.

With all these, all hands must be on deck to channel every effort at our disposal to make Nigeria the economic hub of AFRICA.

GOD BLESS NIGERIA.

 

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