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1. Economic Recession In 2021: How to Brace Ourselves? The times are unpredictable, unprecedented and unparalleled for sure. Due to the Coronavirus pandemic that hit the whole world last year, many countries are now starting to face its consequences and the most alarming one that it's just around the corner is global economic recession. The rippling effects of Covid-19 are crippling the economies, businesses and countries’ future. But first we have to understand the term Economic recession and what can possibly go bad during this tenure. What is Economic Recession? An economic recession is a period in which a country’s GDP (Gross Domestic Product) or in easier words the amount of goods and services produced and sold by a country in one fiscal year, are on a downward trend for 2 or more consecutive years. What if we put the whole scenario but this time on a global scale then it would be Global Economic Recession. In normal circumstances, an economy should generate more jobs, which would result in higher wages, will increase the spending power of the consumers and in turn would result in higher productivity. But in a global recession, everything will be the opposite of the above-mentioned things and when countries on a global scale are trapped in this vicious cycle, things are sure to go downhill from there. When recession hits, it doesn’t pick and choose specific businesses or sectors, it hits everyone with all its might. If you’re in ecommerce business, shopify consultants and other experts are your best bet. What Exactly Happen When Economic Recession Hits? The first effect that causes everything to go haywire is the first step that actually makes things better in goods economic conditions, employment opportunities. People will lose their jobs, it will be very difficult to find a job and young people who are just entering the job market will find it extremely difficult to find a decent job that pays them according to their competence, in fact wages in general goes down even for those who had better pay scales in better times. When people find it difficult to make ends meet, they’ll conserve money and reduce their spending. When purchasing power of the people is strained, the demand and supply of products will also hit a sag thus resulting in low production of goods and service. That brings us to the starting point that’s GDP. Many families have to find more affordable places to live, some even have to change cities or even countries. Due to financial constraints, domestic violence increases, crime rate spikes and mental health issue are also on rise. The bottom line is that economic recession is unforgiving, brutal and hard to endure. Ecommerce experts and Shopify consultants agree that the world is heading toward the biggest recession period of all times and that the 2008 recession is just a trailer! How to Brace Ourselves before the Impact?

2. Although the situation will look bleak, depressing, you’ll feel like you’re drowning but if you prepare yourself now, you can overcome this inevitable situation with much ease then others who didn’t see it coming. There are 5 easy and simple ways to do so. Firstly, try to save money from now on and start to live within a strict budget that doesn’t allow you to indulge in things. If you’ll spend more than you have then those mounting credits will come and break you back when you’ll be struggling to make ends meet. Apply the 50/30/20 rule now, spend 50% of your income on needs, 30% on wants and no matter what save the 20%. This can only be done when you cut back on your spending and start to differentiate between your actual needs and the wants that you have converted in needs. Your savings will be your lifeboat in these peculiar times trust me, make sure you do that well before and also during the crisis. The brighter side is that Coronavirus has actually made it easier for us to save, as we are mostly staying in so limited spending on foods, clothes, vacations and other things that become like a part of our daily lives. Another great way is to sell all those unwanted stuff that’s just piling around the house but doesn’t have any actual usage, this would provide you much financial relief in those crunch times. You should also make a conscious effort to clear all your debts, leases or mortgages to save yourself from unexpected high interest rates when all-hell-breaks- loose. Lastly, if you live in a first-world country, take help from the relief programs set by the government and other institutes. Takeaway Global economic recession is going to be unforgiving and ruthless to everyone, not sparing anyone. We suggest starting bracing yourself for the impact now so that you come out of this victorious by following the simple ways I mentioned above.