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.
Downloads
References
Ahuru, R. R. (2022). Information and communication technology adoption and unemployment in West Africa Monetary Zone. November 2021, 1–11. https://doi.org/10.1002/mde.3688
Antes, P. (2023). eGrove County-Level Unemployment Dynamics Following The Covid Recession : The Effects Of PPP Loan Take Up.
Carreri, M., & Teso, E. (2006). Economic recessions and congressional preferences for redistribution. 1963.
Duleba, T., Gonda, X., Rihmer, Z., & Mome, P. (2012). Economic recession, unemployment and
suicide. Official Journal of the Hungarian Association of Psychpharmacology, 14 (1), 41-50
Gwyn, N., & Gerry, J. (2023). Unemployment Insurance System Unprepared for Another Recession. Center on Budget and Policy Priorities and National Employment Law Project, April, 2023, 1–13. https://www.cbpp.org/research/economy/unemployment-insurance-system-unprepared-for-another-recession
Hean, O. and Deng, N. (2023). The effects of minimum wages over the business cycle: the great
recession. International Journal of Manpower, Vol. 44 No. 1, pp. 19-36. https://doi.org/10.1108/IJM-07-2021-0402
Mathieu, S., Treloar, A., Hawgood, J., Ross, V., & Kolves, K. (2022). The role of unemployment,
financial hardship, and economic recession on suicidal behaviors and intentions to mitigate their impact: A review. Frontiers in Public Health, 10 (907052), 2022.
Molina-betancur, J. C., Guti, M., Peric, J. M., Guti, M., & Zografos, C. (2023). What do we know about the impact of economic recessions on mortality inequalities ? A critical review. Social Science & Medicine, 296(August 2021), 25–27. https://doi.org/10.1016/j.socscimed.2022.114733
Mungodla, S.G., Linganiso, L.Z., Mlambo, S. and Motaung, T. (2019), Economic and technical
feasibility studies: technologies for second generation biofuels. Journal of Engineering, Design and Technology, Vol. 17 No. 4, pp. 670-704. https://doi.org/10.1108/JEDT-07-2018-0111
Oye, N. D., & Sciences, A. (2011). Role of Information Communication Technology ( ICT ): Implications on Unemployment and Nigerian GDP. 11(1), 9–17.
Papapetrou, E. and Tsalaporta, P. (2021). The Greek labor market during the crisis: new evidence
on the evolution of wages, employment, and unemployment", Vlachos, V., Bitzenis, A. and Sergi, B.S. (Ed.) Modeling Economic Growth in Contemporary Greece (Entrepreneurship and Global Economic Growth), Emerald Publishing Limited, Bingley, pp. 131-154. https://doi.org/10.1108/978-1-80071-122-820211010
Postuła, M., Chmielewski, W., & Puczy, P. (2021). The Impact of Information and Communication Technologies ( ICT ) on Energy Poverty and Unemployment in Selected European Union Countries.
Topal, B. (2018). Impact of information technology on business performance : Integrated structural equation modelling and arti cial neural network approach. 25, 1272–1280. https://doi.org/10.24200/sci.2018.20526
Waugh, M. E., Sargent, T., Veldkamp, L., & Violante, G. (2020). Equilibrium Technology Diffusion, Trade, and Growth.
Downloads
Published
License
Copyright (c) 2023 the Authors
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
