Growing Up From An Economic Recession - 874 Words

Growing up in Ghana in the mid-nineties was a very challenging moment of my life. The West African country was recovering from an economic recession mainly attributed to series coup d’à ©tats that destabilized the economy and crippled most state institutions. These coup d’à ©tats, to an extent, left the country that once championed the emancipation of Africa in a deplorable state. The country experienced a protracted period of serious economic decline characterized by lax financial management, inflation rates well over 40%, extensive government involvement in the economy and an extremely high budget deficit. These weak macroeconomic fundamentals influenced the then government’s decision to implement a series of strenuous public policies; with the goal to place Ghana back on sound economic and social footing. I recall waking up one early morning to prepare for school. But I realized the â€Å"airwaves† were poised with anger. Most people in my neighborhood were glued to their radio sets, waiting impatiently on the government to confirm the rumors, circulating in the country about its decision to scrap the old tax policy and replace it with a new one; the Value Added Tax. Around midday, the government finally let the cat out of the bag and outlined in detail the various segments of the new tax policy. This policy mandates the government to impose taxes on consumer goods and services at all stages of production and distribution. Businesses can pass along a sizable percentage of theShow MoreRelatedGrowing Up From An Economic Recession1021 Words   |  5 PagesGrowing up in Gha na in the early to mid-nineties was very challenging for me and most people I came into contact with; yet provided the acumen to make sound personal and professional decisions. Ghana was recovering from an economic recession mainly attributed to series coup d’à ©tats that destabilized the economy and crippled most state institutions. As a result of this, the country experienced a protracted period of serious economic decline characterized by lax financial management, inflation ratesRead MorePros And Cons Of A Balanced Budget1397 Words   |  6 PagesTristan Santos Andrew Jalil Economics 351: History of Macroeconomic Policy 4/21/17 Pros and Cons of a Balanced Budget In 1995, US Congressional lawmakers introduced an amendment to the United States Constitution that would restrict federal spending to the sum of its collected revenues in any given fiscal year. The â€Å"Balanced Budget Amendment† would’ve taken full effect in 2002, guaranteeing a balanced federal budget unless a budgetary deficit was approved by two thirds of the Senate . The proposedRead MoreEssay on Analysing the Recent Economic Recession and Its Effects1122 Words   |  5 Pagesbetween economic downturns and economic upturns (Investopedia n.d.). A recession is an economic downturn and happens in every country and some recessions are worse than others and the output of GDP and employment are falling farther and faster. The great depression lasted from 1929-1933 and was a deep prolonged downturn in the business cycle before a recovery/expansion of the business cycle occurred and GDP and employment started to rise (Krugman Wells. 2012). The next recession lasted from 1981-1982Read MoreWorld War I And The Great Depression1598 Words   |  7 Pageseconomy was in a small recession when entering the war, which was reversed by a 44 month period of growth caused by production for the war (NBER). This 44 month period helped the economy expand, and furthered the strength of the country. It also furthered the confidence of American businesses and the government which contributed to the attitude that caused overconfidence and helped to spread the Great Depression. When World War I ended in 1918, it had many unforeseen economic consequences. DespiteRead MoreNorway : A Country That Occupies The North Region Of Europe1386 Words   |  6 PagesNorway, also referred to as Norge, is a country that occupies the north region of Europe. Norway occupies most of the western half of the scandinavian peninsula and is mostly made up of mountains. About half or more of Norway’s population live in the southern region. Norway is made up of an indented cost and around fifty thousand islands located off shore; these islands were carved by deep glacial fjords. The population of Norway is around five million, one hundred and thirty nine thousand (Joys)Read MoreEssay about 1980 s Double Dip Recession1407 Words   |  6 PagesDouble Dip Recession Overview I. Introduction The 1980-1982 Double Dip recession brings up the curiosity of how the stagflation of the seventy’s affected the early eighty’s in which it caused the Fed and the USA congress to be switching back and forth from stimulus and restraints causing us to fall to our first recession. Then not till later we will see that Paul Voucher Chairman of the Board of Governors use heavy monetary restraints to control the inflation and ending the first recession only toRead MoreUK Economy904 Words   |  4 PagesUK Economy An analysis of the latest figures for key economic indicators and the factors which have affected these indicators. This should include the figures for unemployment, inflation and economic growth. Unemployment The unemployment rate serves as one of the primary indicators of the overall health of the economy. The current the unemployment rate is at 7.8% (Office for National Statistics, 2012). This does not include a large portion of the population though. There is a large numberRead MoreInternational Monetary Fund And The European Union Has Changed The Environment Of The Country s Worst Economic Recession1210 Words   |  5 Pagesstruggling under the weight of the country’s worst economic recession in recent history, the economic, political, and social environment of both the native and immigrant people has changed dramatically, with employment and income rapidly shrinking, and competition within the two groups increasing. This has resulted in lower wages, a contracting labor market, and fewer regularized immigrants; all of which drawing attention to immigration as a growing threat to the cohesion of modern Greek society. Read MoreCurrent State Of US Economy1503 Words   |  7 P agesmost protracted recession since the Great Depression. The financial crisis that began in the fall of 2008 had enduring effects on economic performance. In the first quarter of 2009, real gross domestic product (real GDP) fell by 6.4 percent. Real GDP fell for four straight quarters, from third quarter 2008 through second quarter 2009. The good news is that we have enjoyed more than three years of uninterrupted economic growth (Real GDP) and falling unemployment since the  recession  ended in June 2009Read MoreThe Rate Of Gross Domestic Product And Unemployment863 Words   |  4 PagesUnemployment Of an economy† The economic power of an economy is what truly enables it to be a global ruler; furthermore a strong economy means the people are employed, successful and thriving. The best way to measure the economy’s current health is to just take a look at their Gross domestic production and unemployment rate. A strong economy stands for global dominance and influence, resulting in high standards of living, decreased unemployment, and prevention from recessions, depressions and also lower