Write an Essay on One of the Worst International Economic Recessions
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The world witnessed a severe recession in 2008-09 when the world economic growth slowed, the stock exchange indices fell sharply all over the world. In India, from a peak the BSE index of about 21,000 in early 2008 fell to a low of about 8,000 by early 2009. The situation was no different in the world’s major bourses.
Billions of dollars were wiped out in the recession and the market capitalization hit a new low. Shares of some of the prominent companies fell so sharply as to def/ logic. Barring a few blue chip companies, run of the mill companies had to lick the floor. There was total gloom in the market, the price of oil fell from a high of $ 147 a barrel to a low of $ 37 per barrel.
Most of the major world economies recorded negative growth and contributed to the recession which is characterised by a low growth of less than 2 per cent in two successive quarters. Unemployment all over the world touched a new low, especially in America which is very sensitive to low unemployment, the figures touched an all-time low of 10 per cent.
Billions of dollars were wiped out in the recession and the market capitalization hit a new low. Shares of some of the prominent companies fell so sharply as to def/ logic. Barring a few blue chip companies, run of the mill companies had to lick the floor. There was total gloom in the market, the price of oil fell from a high of $ 147 a barrel to a low of $ 37 per barrel.
Most of the major world economies recorded negative growth and contributed to the recession which is characterised by a low growth of less than 2 per cent in two successive quarters. Unemployment all over the world touched a new low, especially in America which is very sensitive to low unemployment, the figures touched an all-time low of 10 per cent.
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