All these situations impact the overall morale of the staff members, and as such their levels of performance and commitment to the employers. The scenarios are more dramatic for the people who are actually downsized, but the negative impacts are also observed at the level of the remaining staff members, who are presented with fewer opportunities for personal and professional development. The International Labor Office argues that in times of crisis, employers invest less in the training of the staff members, once again limiting their development, as well as the overall development of the firm.
A second relevant source in the search for an answer to the posed question is represented by Andy Kilmister's the economic crisis and its effects. Unlike the previous source which draws on the economic crises in Mexico (1994-1995) and Indonesia (1997-1998), Kilmister focuses on the economic crisis commenced in 2008 in the United States. At the level of economic development, he identifies the following impacts:
Important devaluation of capitals and assets. This makes it more difficult not only to support economic development, but also to assess it
Financial cost cuts, which materialize in a series of social and economic problems, but also the decrease of production capabilities. This in turn impacts the countries' export operations and reduces the strength of their competitive positions within the international marketplace.
Prices of basic commodities are also expected to fluctuate. On a first note, they would increase in order to cover for the new costs and risks, but it would then be necessary to decrease them in order to ensure minimum access of the population to the basic commodities.
Aside from the impacts observable at the national level, the crises also impact economic development at an international level. Countries tend to protect themselves and they as such focus...
Economic development is a key element of growth and sustainability of a country, as well as of equity, prosperity and well-being of its population. Recently the world has witnessed rapid economic growth of two Southeast Asian countries: China and Vietnam. Both of the countries faced major challenges for the growth of their economy, they survived these challenges well and proved themselves to be the success stories of development. Vietnam continues
Capital stock in Vietnam has increased manifold in the past decade, and has fuelled the country's strong economic growth. Vietnam does not have extensive natural resources. Most of the country is heavily farmed. The country is self-sufficient in oil, gas and hydroelectricity however, which is a benefit. Crude oil is a major export commodity. Much of the other export commodities are farm-based (coffee, tea, rubber, rice). Vietnam's technology and innovation is
(CED, 2006) The work entitled: "Rights based approach the Millennium Development Goals: The UNDP and Hurist Experience" states that the commitment of the UNDP is characterized by "the promotion and application of the human rights based approach to development dates from the issues in 1998 of its policy of integrating human rights with human development." (2003) it is believed that this policy option will "derive additional strength from the system
Indeed, no room was allowed for alternative viewpoints regarding the situation. The crisis then occurred during July of 1997, when the Thai baht was floated. It is rather interesting that the very same players predicting continual prosperity, have moved to the exact opposite of their previous opinions, now profiting from the collapse and gloomy predictions for the future of the Asian economy. The role of the World Bank was thus
Economic Development and Trade In an era of increased globalization and advancements in technology, it has become increasingly important for all of the nations of the world to keep bringing improvements in their economic infrastructure and to expand their businesses on the global scale. It has been observed that without a reasonable level of economic development any country cannot gain a competitive position in the world market. This is the dilemma
In fact, Brierly and Costello bring into the argument the three variables commonly associated with industry growth -- labor, Capital, and Technology. Brierly and Costello used time series regression to test each of these variables in order to determine which made the largest impact on state economic growth, while holding the caveat that states should be careful when considering these variables as they do not have much control over
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