Recession is a period of temporary economic decline during which trade and industrial are reduced generally identified by a GDP in two successive quarters.
Almost every developed country or super power has been in a state of recession in time past. The united states suffered theirs during the depression era of the 1930's. Many industries in the united states were shut down and many workers were thrown out of their jobs due to the harsh economic situation .Many of these jobless individuals resorted to alcohol leading to an increase in the bootlegging (illegal brewing and importation of alcohol) business. The Hue and cry led to Hoover losing the election to Roosevelt who with his new deal policies started changing the economy. The Soviet union suffered similar fate during the reign of Joseph Stalin. His harsh collectivization of agriculture policies coupled with the new republic struggling economically from world war 1 led to recession. Industries were automatically shut down making millions of workers Jobless. It only took good policies of later governments and the encouragement of indigenous industries that made that once impoverished nation a world power. China once suffered recession during the time of chairman Mao tse tung. Mao Tse tung great leap forward policies didn't augur with well with slow moving rate of Chinese economy which was peasant farming. With time due to good economic policies, China is now a world power competing favorably with the united states economically. Germany also suffered recession immediately after world war II .The second world war affected Germany so much that families begged the victorious allies for a crust of bread and their daughters became mistresses to them. Today Germany is moving upward economically in leaps and in bounds. Same with France before the revolution but France is now a strong economic power. Britain and other countries have been down economically before but today they have outgrown that.
Recently Nigeria is in a state of recession brought about by reckless spending of our resources by our leaders and their unworkable policies. We can get of this slime of recession if only we apply what these countries mentioned above did and came out of it. Those countries applied good policies that stood the test of time and their leaders gave appointments to those that merited it and not on basis of tribalism or man know man. The leaders had a clear vision of where their good policies would take their people to and succeeding government maintained those policies. Until Nigerian leaders maintain good policies of past Government and give appointments to worthy office seekers, we cant go far in combating recession . Tribalism and religious intolerance should be eliminated from our shores and patriotism should be practiced by all. Until we do this the Giant of Africa will still be sleeping in the disturbing sleep of recession. I rest my case.
Recently Nigeria is in a state of recession brought about by reckless spending of our resources by our leaders and their unworkable policies. We can get of this slime of recession if only we apply what these countries mentioned above did and came out of it. Those countries applied good policies that stood the test of time and their leaders gave appointments to those that merited it and not on basis of tribalism or man know man. The leaders had a clear vision of where their good policies would take their people to and succeeding government maintained those policies. Until Nigerian leaders maintain good policies of past Government and give appointments to worthy office seekers, we cant go far in combating recession . Tribalism and religious intolerance should be eliminated from our shores and patriotism should be practiced by all. Until we do this the Giant of Africa will still be sleeping in the disturbing sleep of recession. I rest my case.
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