H 501 : REPORT GLOBAL RECESSION : IMPACT & CHALLENGES FOR SOUTH ASIA
Prepared for : Saeed Alamgir Jafar Professor Institute of Business Administration University of Dhaka.
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Prepared by : Khaleed Mahmood Fuad, Roll – 123 Sujan Chandra Das, Roll – 144 Tazul Islam, Roll – 133 Md. Feroz Mahmud Khan, Roll – 120 Samiul Islam, Roll – 117 Priyom Mozumdar, Roll – 124 Chalan Kanti Roy, Roll – 141
Submitted on April 5, 2012.
Table of Contents :
# Topic Letter of transmittal Acknowledgement Executive Summary 1 2 3 4 5 6 7 8 9 Introduction Global recession and its causes The current state of the global recession Impact of global recession on South Asia Impact of global recession on Bangladesh Challenges for South Asia Challenges for Bangladesh Suggested strategy for Bangladesh Conclusion Reference Page i ii iii 1 2 5 11 13 18 22 27 30 32
List of Figures :
# 1 2 3 4 5 Figure Causes of the global recession The Current State of Global Recession Growth of world gross product, 2006-2013 Growth of GDP per capita, by level of development, 2000-2013 GDP growth in the least developed countries, 2010-2011 and 2012 6 Long-term unemployment in developed and developing countries, 2009 and 2011 7 8 9 10 Measures of Deprivation in South Asia GDP Growth Rate of Bangladesh Industrial Production Growth Rate of Bangladesh (%) Population below Poverty Line (%) 12 14 15 15 10 Page 3 6 7 8 9
Professor Institute of Business Administration University of Dhaka. Subject : Submission of the Report titled – “Global Recession : Impact and Challenges for South Asia” for the course H501. Dear Sir With great respect and honor, we would like to submit the report titled “Global Recession : Impact and Challenges for South Asia” to you, for the course of “H501 : Managing People at Work”, for your kind consideration. The information provided in this report was collected from many different websites. The global recession starting in 2007 was the most devastating recession since the great depression and hence called “the great recession.” Although the recession originated in the USA, it affected the economy of the whole world including South Asia. South Asia comprises of developing countries, including Bangladesh, and global recession has affected its development in many ways. It also challenged the economic and social standing of the region. In this report we will try identify the impact global recession had on the economy of the region and the challenges it posed. We will focus on strategies to recover from any impedance of the economic downturn for Bangladesh. We, therefore, pray and hope that you would be kind enough to accept our report for your kind consideration, assess our report and recommend any necessary correction. Sincerely 1. 2. 3. 4. 5. 6. 7. Khaleed Mahmood Fuad, Roll – 123 Sujan Chandra Das, Roll – 144 Tazul Islam, Roll – 133 Md. Feroz Mahmud Khan, Roll – 120 Samiul Islam, Roll – 117 Priyom Mozumdar, Roll – 124 Chalan Kanti Roy, Roll – 141
MBA 46D, Institute of Business Administration, University of Dhaka. i Date : April 5, 2012.
We would like to thank our course instructor, Professor Saeed Alamgir Jafar, for giving us the opportunity to prepare a report on such a gargantuan economic phenomenon as global recession with our humble knowledge and to learn thoroughly by doing so. We would also like to take this opportunity to express our gratitude towards him, who by his presence and sage guidance and remarks made this report and as a whole the entire course an unforgettable learning experience.
The world economy has never been stable. According to IMF the world goes into a minor recession every eleven years. So, theoretically we have seen many a recession in the past decades. But none of them could be compared to the global recession of 2007. It is considered the most devastating recession since the great depression and hence many scholars call it the “Great...
1. The online archive of World Bank – www.worldbank.org 2. The online archive of International Monetary Fund – www.imf.org 3. The online archive of Asian Development Bank – www.adb.org 4. The website of Mundi Indexes – www.indexmundi.com 5. The Wikipedia website – www.wikipedia.org 6. World Bank (2010). Global Economic Prospects: Crisis, Finance, and Growth. World Bank, Washington, D.C. 7. World Bank/IMF (2009) Global Monitoring Report 2009: A Development Emergency. World Bank, Washington D.C. 8. The World Bank. Global Economic Prospects. Washington, DC: International Bank for Reconstruction and Development/The World Bank, 2009. 9. Asian Development Bank. Asian Development Outlook 2009. Mandaluyong City: Asian Development Bank, 2009. 10. “Crisis Deals Sharp Blow to Asian Growth.” IMF Survey Magazine. May 6, 2009. July 8, 2009. 11. International Monetary Fund. World Economic Outlook April 2009: Crisis and Recovery. Washington, DC: International Monetary Fund, 2009.
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