what are the effects if there is a reduction or decrease of photosynthesis in the ecosystem

It would be similar, but not as extreme as indicated below.

It would be impossible to overestimate the importance of photosynthesis in the maintenance of life on Earth. If photosynthesis ceased, there would soon be little food or other organic matter on Earth. Most organisms would disappear, and in time Earth’s atmosphere would become nearly devoid of gaseous oxygen.