when the economy hits home. Recession
The global economic recession took everyone by storm; it came suddenly and shook even the strongest of nations. The economy is at a halt at the moment and no one knows when it will all be over. Due to the on going global economic recession, a lot of workers have been retrenched from there work places. Under- employment and Unemployment is the order of the day. It is also no longer news that there is great increase in the cost of goods been sold. The whole nation is running helter scatter for solution on this recession.
The economic global recession hit the stock market so hard that a lot of companies have been wiped out. It devalued our currency, the exchange rate is presently $1 (one dollar) to N200 (two hundred naira) but before the recession it was $1(one dollar) to N130 (one hundred and thirty naira). The Big investors are beginning to smash there teeth’s as millions and millions of dollars and naira’s are going down the drain. Crude oil being 90% of our source of revenue has also dropped. Deficit financing is going to be the order of the day because the federal government will look for alternative means of financing his budget either by increasing taxation or concentrating on agriculture.
The standard of living has also dropped because with the ongoing recession, it has become a terrible ordeal because not all Nigerians can presently enjoy a three square meal So in essence when the state of the economy hits home these are thing that are bound to occur; there will be increase in unemployment, there will no less labor force (underemployment), due to unemployment the crime rate in the country will increase, the standards of education will drop because parents wont be able to pay for the child’s school fees.
The line between the rich and the poor has further been elongated and the only thing left in the land is POVERTY.