1. economy & finance

Due to the economic recession/downturn, many people are having a hard time making a living. 

 

 

recession 

n. a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters; the country is in the depths of a recession; measures to pull the economy out of recession.

 

n. the country is the depths of a recession; ECONOMIC DECLINE, downturn,depression, slump, slowdown, trough, 

 

downturn 

n.  a decline in economic, business, or other activity; a downturn in the housing market. 

 

vulnerable

vulnerability economy  

recovery  <-> downturn 

 

 

https://www.wider.unu.edu/publication/economic-vulnerability-and-resilience

Working Paper 
Economic Vulnerability and Resilience 

Concepts and Measurements 

In this paper, economic vulnerability is defined as the exposure of an economy to exogenous shocks, arising out of economic openness, while economic resilience is defined as the policy-induced ability of an economy to withstand or recover from the effects of such shocks. The paper briefly reviews the work already carried out on economic vulnerability and extends the research towards the development of a conceptual and methodological framework for the definition and measurement of economic resilience. Towards this end, the paper proposes an index of economic resilience gauging the adequacy of policy in four broad areas, namely macroeconomic stability, microeconomic market efficiency, good governance, and social development. The analysis of economic resilience explains how small economies can attain a relatively high level of gross domestic product (GDP) per capita if they adopt appropriate policy stances. In other words, the relatively good economic performance of a number of small states is not because, but in spite of, their small size and inherent economic vulnerability. The results of this study can be used as a tool towards the formulation of policies aimed at overcoming the adverse consequences of economic vulnerability.

resilience

n.

1. the capacity to recover quickly from difficulties; toughness; the often remarkable resilience of so many British institutions. 

2. the ability of a substance or object to spring back into shape; elasticity; nylon is excellent in wearability and resilience.

 

he uses different types of vertical and cross strings in his rackets for added resilience; Flexibility, pliability, suppleness, plasticity, elasticity, springiness, spring, give; Durability, ability to last, strength, sturdiness, toughness

 

she displayed an indomitable resilience in the face of misfortunes: Strength of Character, strength, toughness, hardness;Adaptability, buoyancy, flexibility, ability to bounce back

 

Small business owners were hit hard by the pandemic. 

Small business owners were in danger by the pandemic. 

 

Economic instability/uncertainty causes people to participate in fewer economic activities. 

instability

 

 

uncertainty 

 

 

praticipate

 

 

Many small business owners go bankrupt because of the lack of cash flow and continued decrease in revenue. 

 

bankrupt

 

cash flow

 

revenue

 

The gap between the rich and the poor is getting better, and there are still many people who can barely make ends meet.

 

make ends meet

 

 

Young generation strongly believe that working hard from 9 to 5 won't make them rich. 

 

When I face an economic slump, I tend to cut down on spending on a first/tend to refrain from A

 

I do keep track of my expenses so that I can budget my spending. 

 

I just hope that our economy will turn around. 

 

I've tightened my belt for a long time because I live on the salary, which means I need to live under budget constraints. 

tighten

 

constraint

 

restriction

 

budget

 

I prefer saving money to investing it in order to manage my finances.

 

Investments in cryptocurrency, stocks, or housing are unreliable and risky.

unreliable 

 

 

I believe high risk leads to the high returns. 

 

I'm, responsible for all the finances in my household. 

responsible