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Insurance and finance are intently interwoven fields of business, not least as a result of they each involve cash. The online outcome was spiralling inflation, firm closures leading to excessive unemployment, foreign forex shortages as worldwide sources of funds dried up, and meals shortages. The international foreign money shortages led to fuel shortages, which in flip decreased industrial production. Consequently, the Gross Home Product (GDP) has been on the decline since 1997. This unfavourable financial environment meant decreased banking exercise as industrial activity declined and banking companies had been driven onto the parallel moderately than the formal market.
This article was co-authored by Keila Hill-Trawick, CPA. Keila Hill-Trawick is a Licensed Public Accountant (CPA) and owner at Little Fish Accounting, a CPA firm for small businesses in Washington, District of Columbia. With over 15 years of expertise in accounting, Keila specializes in advising freelancers, solopreneurs, and small businesses in reaching their monetary objectives through tax preparation, financial accounting, bookkeeping, small business tax, monetary advisory, and private tax planning companies. Keila spent over a decade within the government and private sector earlier than founding Little Fish Accounting. She holds a BS in Accounting from Georgia State College – J. Mack Robinson …