Global economic recession

Today's world is integrated with product and market due to globalisation. Very few countries have lowered barriers to international trade in the era of globalisation. The global economic slow-down has drastic consequences on developing countries like Bangladesh. The countries that were dependent on the USA, EU and Japan as export markets for their products and tourism faced severe constraints in maintaining their growth and economic levels. This in turn adversely affected foreign exchange earnings, employment generation, and govt. tax revenues in developing countries.
How to fight recession?
Most of the countries in the world use two major tools in fighting economic recessions in their own countries i.e. one is Monetary Policy and another is Fiscal Policy. A Government can use its Monetary Policy, the regulation of the money supply or interest rates in order to influence economic growth. The impact of the Monetary Policy would reflect on the interest rate and investments. Providing adequate liquidity to the market could be controlled through Statutory Reserve Requirements (RSS). The Central Bank can use open Market Operation through changing Discount & Rediscount rates. The other tool a government could use to stimulate economic growth is the Fiscal Policy. Excise duty, customs duty and corporate tax rates could be used as an incentive to industries in an economy. Fiscal policy could lead to a decrease in income tax or an increase in spending.
Fair trade could be an instrument to fight recession in a free market economy, the private sector through its firms play a key role in economic development. In order to continue within the business, enter into expansion programmes and invest more capital into industries, carry out research and developments and enter into global market, firms must have at least normal profits. In order for them to earn normal profits, the government should create an environment and no unfair trade practices should upset the equilibrium of the firm.
In the face of global economic recession and fight to overcome it, fair trading is an instrument any country could use as prerequisite to free trade among the nations.
Nowadays near about 60 percent of our foreign exchange earnings come from exporting garments to the USA, EU, Japan and other countries. So if this sector is not nurtured properly then disaster will be the result. Our government should extend their helping hand by providing cash subsidy to this sector. Besides this other export facilities demanded by the Chamber of Commerce should be considered immediately for the betterment of the nation.
We know that no two recessions are the same and each has winners as well as losers. Some recessions take away your jobs, your food, your sleep; some improve your careers in corporate finance, banking, insurance, mutual funds, venture capital, credit rating, consulting, e-business, capital markets, financial services, treasury management, portfolio management, manufacturing sector, international finance, investment banking, information technology etc. The recession kills any hope of a quick recovery for an industry. So what should highly innovative investors do? Will they sell potatoes and buy onions?
In today's volatile interest rate and currency markets, clients are looking for more and more sophisticated solutions. Some are taking risk and some are looking for low risk profit opportunities, while others wish to take on higher risk for proportionately higher reward. Some wish to go for exotic derivatives but utilize the opportunity for bad business practices. They don't have the patience to have strategies tailored to the country's specific needs. They should know that well structured relationships provide superior results. We must not suffer from idea fatigue and solutions should be there for the asking..…after all what are the entrepreneurs, consultants, IT professionals, engineers, R&D executives, operations executives, marketing executives, presidents/CEOs doing?
In fine, our present govt. as well as business people should come forward and do something to face the economic recession.