CSR .... A STEP AHEAD ON THE WAY OF GLOBAL ECONOMIC RECESSION

In the present day globalised business era, the global .economy has been getting change by means of economic downturn, credit crisis, economic recessions, and collapse - whichever way we look at it. Business confidence around the world is diluted and pressures on company budgets are rising rapidly. According to the Bank of England's Financial Stability Report, governments worldwide have already pledged more than $7 trillion in loans, guarantees, capital injections, and other assistance in their coordinated efforts to support the global financial system. And the ILO estimates the crisis will cost 20 million jobs during the year 2009. Therefore irrespective of nature of companies - MNEs, TNEs, SMEs, are most probably thinking about is how to survive, rather than how to concentrate and invest on Corporate Social Responsibility (CSR) activities, which represents a company's voluntary commitment to address the ethical, social and environmental factors associated with its operations. In these afflictions, it is perceived that the financial crisis will have a substantial impact on corporate social responsibility. According to a survey carried out in the end of 2008 by a CSR specialized blog (http://csrintemational.blogspot.com/), 44% of experts believe that CSR policies will be applied more often as a result of the crisis, 28% think that the essence of CSR will change in the context of the new conditions, while 22% believe that the crisis will have a negative impact on CSR. In connection with these significant views, this paper aimed to portray the status CSR in the era of global economic recess10n.