Effect of Recession on Sustainable Development in Nigeria

Dr. Anekwe Rita Ifeoma
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Dr. Anekwe Rita Ifeoma: Nnamdi Azikiwe University, Anambra State, Nigeria

International Journal of Research and Innovation in Social Science, 2020, vol. 4, issue 6, 667-669

Abstract: Recession is negative economic growth for two consecutive quarters. It is also a business cycle contraction which results in a general slowdown in economic activity. During recession the Macroeconomic indicators such as capacity utilization, business profits, GDP (gross domestic product), investment spending, inflation, and household income, fall, while unemployment rate bankruptcies and increase. Governments respond to recessions by adopting expansionary macroeconomic policies, such as increasing government spending, increasing money supply, and decreasing taxation. The study investigated the effect of recession on sustainable development in Nigeria. It also x-rayed the causes of recession in Nigeria which includes internal (endogenous) and external (exogenous) factors, these hamper the stability and sustainable development of the economy. The study, therefore recommended that Government should increase its spending in real activities during recession and also reduced its taxes for individuals and businesses to bring about stability and sustainability in the economy. Also to foster economic stability, ensure Economic growth, sustainable development and become a full partner in the global economy of the 21st century, Nigeria must embark on export diversification and take advantage of its huge stock of natural resources.

Date: 2020
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