Are there any potential benefits that can arise from inflation, recession, or economic downturns? As they say, necessity is the mother of invention. We see an example when people in a country are faced with very imports duty that individuals there become inspired to establish local businesses and initiate domestic production and start consuming locally as an alternative to imported goods. While this approach might prove successful in certain countries, others may encounter obstacles such as high operating costs and countless taxes on startups. This is a challenge that discourages local production. Despite these challenges, do you think there are still opportunities during economic downturns?
I like this advice, but I only agree with some certain points and not all. You should know that there are limited opportunities during an economic downturn, they call it downturns/meltdowns for reasons and that is because a whole lot is going wrong, which includes the ease of doing business and investor confidence. Fine, the local production idea is good, nevertheless, no country should wait for the economic problems before they produce locally, and during that bad time, it will not even be easy to achieve it as you believed because things will not be booming at that time unless the government can intervene with divers social intervention schemes, which is not all of them that even works.
Besides I see this as a way to tackle some of the issues, but it is unless the country exports more before the situation will subside. Before they can export, you know they would have had enough to go around the nations, so it is not an easy task as you think, and might take years before it would be effectively planned and realised. But I see no reason why taxes should be an issue too, if the domestic production plan is successful, a reasonable government will not kill it with tax, especially during an economic crisis. Even if they tax it because it is successful, tax is not an automatic way to kill a productive business.
Above all, in my understanding, government policies are so key to tackling economic downturns even as local production is also a plus.