Global Recession is a period of prolonged economic decline in one or more countries. History tells us there was once a time when the world economy was at its strongest, but that the times have changed. Today, the global economy is in a state of continuous recession. The reasons behind this are varied. The globalization of markets has removed most barriers to trade, providing consumers with more choices, promoting competition and making prices fall, which reduces demand and increases unemployment. However, globalization also provides companies with easier access to resources, which reduces costs and allows for production to be moved closer to markets.World leaders are warning of a global recession, with the United States and Europe among the hardest hit. The United States have made a dramatic turnaround, but the good times have been short-lived. China appears to be in trouble, with concerns over its high level of debt, and the Eurozone is expected to experience a rise in unemployment. The euro will likely see considerable volatility throughout the next year and may continue to struggle to hold its value against other major currencies.
