The global economy is nowadays going through a phase of recession. Analysts believe that a slowdown concentrated in emerging markets will drag down demand and see economic activity fall across the world. China is growing at just 4pc, well below the country's official 7pc growth target. Other large economies - Brazil, Russia and South Africa - are already in trouble. China's downturn will affect emerging markets - their exports and commodity prices.
What can we do to sustain in global recession.
1. Produce and sell good quality products by adding value. People will buy the products if they are useful.
2. Stay away from easy money making schemes. They do more harm than good. Invest your resources sensibly as most easy money making schemes have a catch whereby one tends to lose rather than gain.
3. If you are in business, keep your customers. Don't let them go. Give discounts to loyal customers if you have to. It is difficult to find new customers during recession. So keep the old ones.
4. If one loses his job, do what it takes to find a new one: headhunting, relocating or enhancing ones skills by taking up a course. You may temporarily have to settle for a lower paying job or a job less appealing. But something is better than nothing.
5. Reduce spending and save. Avoid going to costly restaurants, resorts and expensive vacations, instead go for family picnics to nearby places. It's important to spend time and enjoy with family but that need not mean spending too much.
6. New business ideas requiring lots of investment and risk can be put on hold. Instead try something that will fetch good returns quickly. Ambitious and challenging ideas need time to be put into practice so go for simple lucrative businesses.
7. Reduce the prices of your products. Recession reduces the buying capacity of most people. So giving discounts and being competitive will keep you going.
8. Find newer ways of reaching out to customers. Go for home delivery of products. As making shopping convenient for customers will attract them.
9. Those investing in stocks should go long. Recession is a good time to buy stocks if you can lock your funds for a long time.
10. Use new ways of attracting more customers. You could do so by advertising more aggressively.
Don't panic during recession. It can actually be a boon to those who sensibly use their funds and tactfully face the competition.
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