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What are the short- and long-term effects of the global recession in 2008?
Wiki User
∙ 12y ago
The short term effects of the recession are high unemployment caused by failed
businesses and other jobs that were cut back due to the existing economic conditons. In addition there will be more homelessness as people who lose
their homes due to foreclosure as well as their jobs may find themselves with
no means of income for living. Crime will increase due to people having
less. People may stay home more and not use credit cards as easily as they
once did fearing not having the income to pay bills.
The long term effects are that the government will be forced to get involved
in ways to keep the economy from further bankrupcy, i.e, as well as
trying to find ways to increase employment. This will take a rather
lengthy amount of time so in the meantime organizations that offer
help for those in need may be overloaded beyond their capacities to
serve as well as faced with fewer donations than before.
Wiki User
∙ 12y ago
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