Economic Recession Hit-Back Leading to Unemployment Despite Being in Digital and Information Ages
Keywords:
Economic Recession, GDP, Minimum Wages, Unemployment Rate, Information and Digital AgeAbstract
The information and digital eras have produced huge technological advancements that have fundamentally changed how we live and work. Nonetheless, despite this advancement, economic downturns continue to occur, having a significant influence on individuals, companies, and entire civilizations. This study looks at 20 countries' GDPs, minimum wages, and unemployment rates to see how the global economic slump has impacted them despite their investments in new technologies and inventions. The countries studied include two from Africa and five from Asia. The report also looks at the effects of economic downturns in the digital era and the reasons why they continue despite technological advancements. In its final section, it offers suggestions for potential courses of action to mitigate the consequences of economic downturns while emphasising some of the historically successful strategies. To successfully go through the uncertainties of the twenty-first century, business executives, governments, and society at large may need to have a thorough understanding of the causes of economic recessions and how to deal with them.
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