Effect of Global Economic Slowdown

Abstract

A recession is a decline in a country's gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year. The United States-based National Bureau of Economic Research (NBER) defines economic recession as: "a significant decline in the economic activity spread across the country, lasting more than a few months, normally visible in real GDPgrowth, real personal income, employment (non-farm payrolls), industrial production, and wholesale-retail sales. The paper tries to find out the various ways and factors that have affected the employees due to the Economic Slowdown. The performance could be improved or decreased due to fear of lay off and retrenchment policies followed in some companies.