Discuss the scope of financial management in an economy, which is facing a recession.

A financial manager advises you where to put your money. In a recession, presumably the stock market is down. The advisor/manager should find out if you're financially secure, and if you are, he should probably advise you to buy stocks that will recover when the economy does.

In a crisis, his main job is to prevent panic. Look at the crisis logically and recognize that it's probably not the end of the world. One of the worst mistakes investors make is to watch their stocks fall a long way, then sell. It's too late by then. A manager/advisor can help you determine whether we're close to a bottom, or whether there's still a big risk of a further big decline.

A financial crisis can cause a recession, but not necessarily.

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