Analysis of Economic Resilience: How Different Economies Bounce Back from Shocks

The world is characterized by three types of economic frameworks- Centrally planned, Mixed and Market. Irrespective of the type of economic framework followed, every country is susceptible to economic shocks, which are disturbances in an ongoing economic process. This research paper explores the relationship between the type of economic framework that a country follows and its economic resilience. Although several studies have been carried out analyzing country-specific economic recovery after an economic shock, there remains a gap in understanding the influence of economic framework in the process. Given the current level of global interdependence, understanding the resilience of different economies to an economic shock is imperative for government officials and professionals in the field of economics. The research conducted dives into understanding the reaction of various economic frameworks in times of crisis.