Global recession is a period of economic slowdown. Global recession can be defined by taking many factors into account. It creates a great depression in the global economy in terms of money and employment.
The financial crisis of 2007–2009 has been called by leading economists the worst financial since the one related to the Great depression of the 1930s. Several company bailouts, company failures etc...
It had a great impact on high-tech industries in India, which based on US markets. This was bad news. The Indian tech and business process outsourcing (BPO) services industry is strongly dependent on North America, and specifically on the sector that we call 'BSFI' - banking, financial services, and insurance.
There is increasing pressure on companies to minimize their 'bench' or the currently idle employees. Several cost-cuts etc. There went tough competition among companies to maintain the quality measures.
Lehman Brothers went bankrupt September 15 2008. A day earlier, Merrill Lynch had announced that Bank of America was acquiring it.
Based on survey of IMF on recession and financial crisis. Recessions associated with financial crises are typically severe, long lasting. There is a chance of recovery in the fourth quarter.
Wednesday, November 11, 2009
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