The cost of living has increased since 2020. The last economic recession happened in December 2007 to June 2009, which was after the World War II. It is clear the world is transitioning, and the inflation rates rumors are now true. Inflation is on the rise and if you are not careful, you might go down with it.
The economic reset is influencing both first and third world countries. A pandemic often resets global economies including the transaction systems. A recent survey conducted by LinkedIn News Africa shows that people are cutting down on basic things, with grocery having a higher percentage.
Following Russia's invasion to Ukraine, South Africa has had an increase in maize and oil prices. Sudan has had an inflation rate increase up to 220%. The oil prices in Kenya have increased by 9 KES, which means a packet of maize flour is now from 100 KES to 220 KES.
Countries with the Highest inflation rates as of 2022 since 2021 include both 1st and 3rd world countries. The economies are tough right now, therefore, it is time for delayed gratification.
What Should You Do During the Recession?
1. Cut down on some things. A recent survey conducted on LinkedIn by LinkedIn News Africa shows that people are cutting down on things during this period. What is it you can afford to lose? Decoder subscriptions? However, the survey shows that the economy is so bad that most people opt to do without groceries.
2. Observe the next monetary asset and begin investing in it. What is the new form of currency? It's cryptocurrency of course. How do you begin your investment? Click here.
3. There's is nothing to save? Actually, there is. Save as little as $5 of your currency a day. If it's in Naira, save 50 Naira, in Kenya as little as 50Kes.
4. Look for opportunities online. Have hope. Sign up for free courses like ALX, Coursera. Update your LinkedIn and Upwork profiles. Promote your businesses online. Pay Google Ads.
5. Spend your time building yourself, not worrying. Both cost time. Studying short courses will help you network and land of a job.
Will Inflation End?
Yes. Inflation will end. The economy usually resets itself after a prosperous period of 10 years. Therefore, the economy will reset. However, it is important to note that the economy resets with new technology. For example, the digital era in 1980. The incoming era will be the cryptocurrency era, it will make many billionaires.
Simply save 50 of your fiat currency daily and sign up on Binance, i.e., $50 USD Daily, 50Kes daily or 50 Naira daily.
1. Go to Binance
2. Buy USDT.
3. Then Buy Ethereum.
4. Stake and Wait.
How Long Will the Recession Take?
It is unknown as to how long the recession will last but it might end in 2022. However, the superpower nation is shifting from USA to China. China is now more dominant in African States. USA has a large debt and high rate of inflation, 8.6%.
No country has a better cost of living for now except countries like Rwanda that have good Leadership. Smart countries like El Salvador will be rich because of Bitcoin Adoption.
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