Do you think that your economy is now recovering from the slowdown?

@ram_cv (16516)
India
November 13, 2009 10:09am CST
With all the major leaders making huge noises that economy is now recovering and the worst is over, do you really see that in your immediate vicinity? Are you seeing more job openings or more ventures coming up? Or is this still not visible where it matters and is just some positive noises being made by politicians? Cheers! Ram
6 responses
@leafsound (350)
• China
13 Nov 09
I don't feel my economy is reducing. World economy declining is not affecting china. But people here can't get more money now and past. China is a close country so it has little effect. I don't feel income reducing in my company, because I also didn't feel money increasing in good economy period.
1 person likes this
@ram_cv (16516)
• India
13 Nov 09
Hmm... But off late China has opened up isn't it? Or as you say is it still very much closed for the people in there? Cheers! Ram
@sblossom (2170)
13 Nov 09
it's no surprise you would think so. as I know the north of china is not as developed as the south of china. it has less benefits from the countries development when the economy was good, so now it's less worse too. however if you consider the south of china you would find china is no exception at the crisis. that said the world is flat as well as small too.
1 person likes this
13 Nov 09
I get the impression that China has a very flexible workforce, so although some companies have been badly effected by the downturn in world demand for manufactured goods, this has meant that some of the workforce has simply returned to the land, to the villages, where they have an alternative source of income, albeit not such a good one. But I also understood that China still is experiencing overall growth, in excess of 6% over the year, is that not the case?
1 person likes this
13 Nov 09
I have been out of work now for over a year, and whilst there still seems to be a lot of bad news out there, I think I do detect a very slight increase in economic activity. There has been a constant slow flow of background activity in the government financed sectors of electronics industry, the military electronics sector, but it does seem that one or two companies in the commercial electronics sector are just beginning to come off the fence and start taking people on. However, because things have been bad for so long, there is very stiff competition for the few opportunities just starting to unfold, and because of that the money they are offering is very poor. It will be a while yet before demand outstrips supply on the labour market. Also I have a suspicion that some companies are using the recession as an excuse to shrink their operations in the UK, and invest more in the growing eastern economies. Last time I looked at the jobs section on one well-known mobile phone manufacturer's website, they had engineering posts in china that they were looking to fill, but the only opportunities in Europe were in Sales Management. It does seem that the UK's manufacturing base and R&D base may come out the other end of this recession as a smaller sector, with the result that the supply of skilled people may outstrip the demand for some time to come yet.
@ram_cv (16516)
• India
13 Nov 09
Hmm... I actually do feel that probably UK and other developed European countries have been worse hit by this than the US... But at least even if it is slow if a recovery has at least started, then it is still good. Yes now most companies are really looking at all avenues to reduce cost. What is appalling to me is that despite everything there are still no proper checks put in place to ensure that the financial institutions do not continue to create such havoc!! Cheers! Ram
13 Nov 09
Yes, I think that there is an over-riding impression here in the UK that it is virtually "business as usual" in the banking sector, in spite of all the public money used to prop up the financial sector. Well, business as usual in terms of the incentives and the culture of reward for short-term success, but not in terms of small businesses being able to borrow from the banks at reasonable rates.
1 person likes this
@ram_cv (16516)
• India
13 Nov 09
Right and somehow there is a feel of helplessness amongst the working class to do anything about that!!
@sblossom (2170)
13 Nov 09
very good topic. unfortunately i have not seen any signal of the economy in the UK is recovering. in fact every day on TV I can hear bad news. more and more people are losing their jobs. now I totally can not find a job for me to live. the worst profocast about the economy of the UK is it would be the next Iceland. i don't know if it will happen or not. however I do feel life is a lot harder than before. every penny in my dictionary is important. i wish I can have more time to spend on my writing so I can make some money. best regards.
1 person likes this
@ram_cv (16516)
• India
13 Nov 09
I am pretty certain that UK would not go to the extent of Iceland given it's history and it's impact on the overall EU. But your assessment seems to be correct, the things are not yet recovering significantly for these politicians to be making such claims. Cheers! Ram
13 Nov 09
I think that the danger here in the UK is the long-term impact that the government borrowing is going to have. If they are going to reduce national debt then there is going to be considerable pain in the future to do it - higher taxes, lower spending. And if we get some significant inflation thrown in in the medium term that will also cause more pain, with people not being able to afford their mortgages, and the impact that that will have on the housing market and the mobility of the workforce, with more poisonous loans, negative equity, effectively making a further sub-prime mortgage crisis, in a sense.
1 person likes this
@ram_cv (16516)
• India
13 Nov 09
Correct. But the long term impact is not only for UK to ponder, but the govts all over who have bailed out these banks. I think some of the bigger banks did need to be bailed out, but some of the banks and institutions that have been bailed should simply have been allowed to fail as they were simply greedy and shortsighted. Cheers! Ram
@MJay101 (711)
13 Nov 09
No, I'm not seeing more job opportunities or ventures coming up. No, I'm not seeing any evidence of the recession ending. In fact, quite the reverse - but then, I'm from the UK! The US: (technically) out of recession. Japan: (technically) out of recession. The Eurozone: (technically) out of recession. Brown's Britain: still enmired in recession! How depressing...
@ram_cv (16516)
• India
14 Nov 09
Yes... But, I wouldn't even say that the US and Eurozone are technically out of recession. The numbers of the jobs and the consumption is still bad there as well. Just that it is not as bad as it was last few quarters. So in a nutshell the slide has been slowed, but the recovery is probably not yet there. Cheers! Ram
• Thailand
13 Nov 09
I think it is slowly getting better, good thing Obama isn't into the wars as bush as that was the major cause of the economy lapse. Also, the major banks had problems so I didn't doubt there was going to be this fall. I hope it gets better and better especially for the dollar as I have a few thousand that I don't want to transfer to the Thai baht yet.
1 person likes this
@ram_cv (16516)
• India
13 Nov 09
Yes dollar is getting weak day by day... Yes, there is definitely less number of wars these days then they were a couple of years ago. Cheers! Ram
• Philippines
13 Nov 09
I can say that slowly the world's economy is recovering but sad to say that many companies are still saying that they incurred losses due to the global meltdown and abusing the situation and removing benefits entitlement of their employees such as salary increase and holiday gifts incentives.
@ram_cv (16516)
• India
13 Nov 09
Yes, every company out there is looking at all kinds of benefits and perks they were giving to employees and eliminating them one by one. The worst affected due to the greed of some of the hardly working top bosses is the poor hardworking employee!! Cheers! Ram