Global recession had huge impact on the economies of the developed as well as the developing countries. This paper presents a detailed procedure to identify the impact of global recession on developed countries, such as USA and UK and developing countries, such as India. Throughout the paper, it would be evident that the research methodology adopted in the paper is influenced by the purpose of the research. In addition, the research methodology is strategically selected to fulfill the research objectives and respond to the research questions. The paper outlines the purpose of the research, presents the research question and hypothesis, elaborates on the data collection and data analysis procedures, states the limitations of the research, and finally arrives to the research conclusion.
3.1. Research Question
The objective of this research paper is to identify the impact of global recession on developed countries, such as UK and USA and developing countries, such as India.
The literature review section clearly shows the characteristic features and the distinctive economic impacts of the global recession on the global economy. The crisis had huge impact on economic functions and economic growth. Given the economic importance, the research hypothesis proposes that in order to identify the impact of the crisis, it is necessary to look into the pre-crisis period, as well as the post-crisis period of the economies. Therefore, the hypothesis to be tested involves the following two components:
* An examination of pre-crisis period growth and post crisis recovery. * An examination of crisis development, its spread and the resultant crash of markets
3.3 Research Design:
It is evident from the introduction, research question, and the hypothesis that the research paper deals with a single problem, which is to identify the impact of global economic crisis on the different economies. Problem of any study or research emerges from what it focuses on. For example, in an objective oriented research, the focus of the research lies on the objective; whereas, a hypothesis oriented research focuses on testing the hypothesis. This paper is an objective oriented research, in which the objective of the researcher is to identify the impact of global recession on different economies.
A research design is structured to systematically arrange the components of a research (such as, data collection and data analysis) to address the central problem of the research. In simple words, the research design is a plan which helps in answering the research question(s). Therefore, the research design aims to judge the validity, objectivity and accuracy of the research question(s). Research design is developed in a manner which enables the researcher to fulfill the objectives of the research.
There are two important function of the research design developed for this paper. The first function identifies and develops protocols and deals with logistical arrangements to ensure no interruption happens in the study. The second function establishes the validity and the objectivity of the research. In short, the adopted research design helps in the following: 1. Conceptualizing the operation plan and establishing the schedule required to execute the research project. 2. Validating the procedure and obtaining accurate and acceptable answer(s) to the research question(s).
3.4. Research Population:
Hair et al., (2007) states that a number of methods can be adopted to collect research data.
The literature review of the research paper clearly indicates that the impact of the global financial crisis was much graver in the developed countries like USA and UK than in the developing countries like India. In addition, the crisis also exhibits a number of common characteristics in the developed countries.
There is an extensive amount of information and literature on the pre-crisis and...