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What are some potential negative effects of a recession on businesses and the economy, such as layoffs, reduced spending, and increased debt?
Besides layoffs, reduced spending, and increased debt, a recession can have several adverse effects on the businesses and the economy. For instance, it can lead to decreased investment, decreased consumer confidence, increased bankruptcies, reduced access to credit, decreased international trade, and increased income inequality. It can also harm government finances, reducing public services, raising taxes, and reducing infrastructure investment.