Therefore, in this paper, we will first look at the type of economic recessions that are determinable and then we will try and extrapolate the mechanisms which can be implemented by businesses I order to cope with the downturn.
We are also of the opinion that budgeting encompasses a major part of any business's planning and forecasting activities, and takes a doubly important role in the time of recession, therefore, we would like focus on that aspect of business in our paper by providing a case analysis of a business and its budgeting process in times of recession which would help it recover from the murky economic conditions. We believe that this portion of survival mechanism is as important, if not more, than any other mechanism of survival which we will discuss in this paper.
A large of number of bankrupt firms and work-outs have beset the financial market, yet the market has been able to soak up these fatalities and stronger limits on credit has quickly been able to restore the credit reserve to its original levels. This outcome will be a small period of decreased growth, maybe a negative GDP in a quarter and numerous volatilities in the credit and the financial markets in the way. It is pivotal to note that the decline in stock market prices was nearly 20% in 1998 but the recovery was as fast and strong after the decline. 
In this case, our framework is simi ...