An Unpredicted Shock to the Global Financial System: Macro/Microeconomic Effects Across Countries
DOI:
https://doi.org/10.47611/jsrhs.v12i2.4326Keywords:
Economics, Finance, Great RecessionAbstract
The current COVID-19 pandemic has brought back a familiar circumstance, starting with a widespread disease that eventually caused inflation. This research paper examines a previous event that began with a housing bubble burst but also had a significant impact on people all over the world. This paper talks about the many effects that the U.S., China, and European Union had because of the 2008 Great Recession, exploring these countries within many categories: macroeconomic, microeconomic, regional, and futuristic planning. We consider the benefits and disadvantages of the enactments that countries provided their citizens during, before, and after the economic crisis. We explore how variations in a country’s socio-political, economic, and cultural foundations impact its ability to prevent and recover from a recession.
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