COVID-19 has increased the possibility of a global recession by wreaking havoc on global supply chains, global demand on retail, hospitality and travel and not to mention the lives of 3,800 people worldwide.
A recession is a period of economic decline. During a recession, unemployment will rise, manufacturing and retail sales will decline and the economy will produce less goods and services overall.
Recessions are part of the business cycle and they are normal. They will happen – it is not a question of ‘if’ but ‘when’.
It is therefore important to have a plan to better prepare oneself for recession because it can have negative financial consequences.
This plan will have two main parts:
Preparation before recessionPlan of action during recessionPreparation Before RecessionWhen we enter a recession, the worst thing that could happen is the lost of our regular source of income. If we also happen to
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