The Great Recession was a period of economic decline observed across global markets during the
late 2000s and 2010s. The scale and timing of this recession varied quite considerably from country
to country. In terms of the overall impact, the International Monetary Fund (IMF) concluded that this
was the worst global recession since World War II. This Great Recession has resulted in the
scarcity of valuable assets in the market economy and the collapse of the financial sector in the
N.B. the word recession is often interpreted in two main ways:
? more broadly to a period of sustained reduced economic activity;
? in an academic context which refers to the contraction stage of the business cycle where
there are two or more successive quarters of contraction in GDP.
The construction and real estate sectors have also been affected to widely differing extents across
the globe. Without doubt, however, both sectors need to respond positively to the complex
challenges faced in todays ever more dynamic, competitive global economy. Liquidity and financing
risks, sourcing and deployment of capital, corporate governance, risk management, regulatory
reform, infrastructure development and organisational issues are some of the key issues at the top
of the leaderships agenda.
Historically, the construction and real estate sectors have not been known for innovation; times are
changing. The emergence of green building and new sustainability standards, along with digital
technology and connectivity have created a momentum for innovation in every aspect, from building
materials to modelling and engineering techniques.
More and more organisations within these sectors are investing more finance into research and
development (R&D) to develop and/or improve energy efficiency, systems, process design,
construction techniques and effective use of technology.
Demonstrating a clear awareness, understanding and application of recent and current market
factors in a country/region of which you are familiar (UK) write a report which includes the following two
a. Using an organisation of your choice, identify a project from the construction or real estate
sectors,consider how each of the four factors of production will affect the construction
(75% indicative weighting)
b. Produce a Summary Report to explain how the markets for the Construction and Real
Estate Industries are affected by the current conditions in the Public, Private and Tertiary
Sectors of the economy.
(25% indicative weighting)
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