So much has happened to the world’s economy within a few years. The year 2020 would always be remembered due to the COVID-19 pandemic that put the world’s economy on hold. Many economies, especially the developing ones, are just staggering to their feet. The current Russian-Ukraine war is also disrupting the global supply chain and hindering economic growth. The IMF says the feud has triggered global inflation.
Additionally, three main economic powerhouses in the world – the United States, China and the major European economies are experiencing a glitch. The world is experiencing a global recession. By the IMF and the World Bank’s standards, this means the average global citizen has experienced a drop in real income in a year.
While the periods of recession pose difficult times for a country and its citizens, they also create an avenue for increased innovation and technological advancements. Necessity is the mother of…
