There are more than six ways to fix slow growth and recessions. But the following six ways are a good way to start getting out of the recession. The recommendations are in no particular order.
1- Getting out of debt
Getting out of debt is not rocket science. All you have to do is make a list of the people or institutions you owe money to, rank the creditors from the highest to the lowest, and start paying the lowest debt first because that’s the one that will have the highest interest rate, before you finish by repaying the one with the highest loan.
Getting out of debt means making a few sacrifices, so you probably shouldn’t be building skyscrapers or flamboyant statues of your leaders if you are heavily in debt. The debt advice applies to household as well as public debt.
2- Focus on the goods and services
One thing I find strange is very often those in charge of the economy look at the figures or numbers but rarely think of the economy as trading goods and services. Land can be considered a good, labor is a service, fruits and vegetables are goods, a haircut is a service. Of course numbers are important, but economic policy should enable an easy flow of goods and services traded for cash.
Read the whole article in Ovi Magazine, HERE!