The year 2024 has brought a significant shift in the economic growth of several nations, companies, businesses, and individuals. Countries around the world navigate through a shaky economy. In this article, we go deep into the economic realities facing six countries currently in the year 2024, also on the factors contributing to their recession, and explore potential implications for domestic and international stakeholders.
Nigeria: This country has been facing a recurring recession due to economic challenges which include high inflation and currency depreciation. It has experienced periods of recession in recent years but this year got to the height. The country’s economy stands vulnerable to external shocks and domestic instability.
Brazil: This country is known as one of the largest economies in Latin America, and they have been facing a recession since the outbreak of COVID-19. Since after the pandemic, the country’s economic growth has been so poor. Here are some of the factors such as political instability, and high levels of public debt contributes to the country’s recession.
Turkey: Turkey is another country on the list that seems to be experiencing a bad economic downpour because of inflation in prices, currency depreciation, and political uncertainties. Economic mismanagement and geopolitical tensions have contributed to periods of recession in the country.
South Africa: South Africa has faced economic challenges, including low growth rates, high unemployment, and structural issues. Factors such as political instability, corruption, and power struggles within the ruling party have also contributed to economic uncertainty.
Venezuela: Venezuela has been in a deep economic crisis for several years, characterized by hyperinflation, currency devaluation, and shortages of essential goods. The country has experienced a severe recession, exacerbated by political turmoil and international sanctions.
Greece: Greece is another country on this list facing economic difficulties, including a debt crisis that led to austerity measures and economic contraction. While the country has made efforts to stabilize its economy with assistance from international creditors, it continues to face challenges in achieving sustainable growth.
The economic recessions experienced by these six countries in 2024 are affecting the sensitivity and intertwined nature of the global economy. The effects of recession have shown in international trade, investment flows in the global economy as a whole.
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