Economic Review

By: EconomyWatch   Date: 29 June 2010

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Importance of economic review
Economic review is as important a process as economic analysis. It is basically an examination of an economy and could be likened to a critical appraisal of sorts. It also refreshes one's knowledge regrading a particular economy, which is being reviewed. Economic review can also mean looking back upon what happened in an economy in a previous fiscal period.

Economic review and economic growth
Economy review normally looks at what happened in an economy in preceding financial year or years. Growth story of an economy is also an important part of any economic review. It is a useful lesson to those economies, which are facing a situation, similar to that of economy being reviewed.

Countries learning about stories of growth of different economies, can use same strategies that had been followed by other economies, and use them to their economic advantage. They may also learn how to come out of a tight economic corner from those examples.

Review of economy and prediction of growth
An important part of traditional economics has been growth and development. It always pays to keep abreast of other countries' economic prowess and growth potential. If one country knows how much another country's economy is supposed to grow in a coming economic period, it might be able to get an idea of conditions which accentuated that growth. They can try replicating those conditions so that their economy may grow at same rate.

Economic review and global financial crises
Global financial crises of 2008 has hurt many world economies, threatening to throw them into an economic recession. It is always helpful for an economy to be aware of what measures have been adopted to tackle such disasters as it provides them with useful ideas. It can enable them to come out of a problem, which they may have been facing or expect to face in near foreseen future.

 

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