Downturns

After a series of economic downturns, consumer confidence is at an all-time low.

Obstfeld and his colleagues are also worried that efforts to stimulate economic recovery from the 2008 recession, such as low interest rates and massive purchases of bonds, are now ending. They put the current global growth rate at 2.9 percent, and say this moment of good growth is the time to make changes in tax and other policies that will help economies weather inevitable future downturns.

In a country that holds some 10 million marriages a year, India’s booming wedding industry is estimated to be worth about $35 billion and racing ahead at 30 percent a year. It is often described as a recession-proof industry, untouched by financial downturns or economic slowdowns.