What is a recession?
Commonly put ,a country can be said to be in a recession when it is unable to meet its statutory responsibilities like payment of salaries to workers, maintenance of critical infrastructural etc.
Since 2014, Nigeria has been in in recession due largely as a result of dwindling revenue from oil. The situation now is so bad that most states cannot pay salaries.
How do one cope with the Recession?
A recession is a realistic situation that demands a concrete plan.
Most people have gone spiritual but these are simple tips:
1. Cut down on expenditure budget.
2. Make economic sacrifices.
3. Forego foreign and luxurious lifestyles.
4. Cut down travel plans etc
If at individual levels ,these measures are adopted,the adverse effect of the recession might be minimized.
Commonly put ,a country can be said to be in a recession when it is unable to meet its statutory responsibilities like payment of salaries to workers, maintenance of critical infrastructural etc.
Since 2014, Nigeria has been in in recession due largely as a result of dwindling revenue from oil. The situation now is so bad that most states cannot pay salaries.
How do one cope with the Recession?
A recession is a realistic situation that demands a concrete plan.
Most people have gone spiritual but these are simple tips:
1. Cut down on expenditure budget.
2. Make economic sacrifices.
3. Forego foreign and luxurious lifestyles.
4. Cut down travel plans etc
If at individual levels ,these measures are adopted,the adverse effect of the recession might be minimized.
posted from Bloggeroid
No comments:
Post a Comment