Are you hit by this present economic recession?

India
January 17, 2009 1:53pm CST
Read in the paper that some people have been really hit hard by this current economic recession. I have not come across anyone here who's been really hard. Some of my friends have got their pay cut, but none lost their jobs. Anyone here who's been really hit hard? I think India and China have not been hit hard. What about your economy?
2 people like this
4 responses
@rosdimy (3936)
• Malaysia
17 Jan 09
The recession has hit all countries and I think my country is not hit that hard though some people may try to highlight certain issues out of proportion. My opinion is based on several facts. The consumer prices of petrol and diesel have been reduced by around one third. In fact the prices are slightly lower than before the fuel crisis. Many goods have also become cheaper. Education at the primary and secondary levels. Free text books to all citizens, contrary to what some people claim that they are being marginalised. Ag the moment there are no school fees to be paid for students at government schools. There are plans to have the electricity and water tariffs reduced by June 2009. The economy in my country is diverse. This helps to cushion the impact of recession because there is no reliance on only one sector. The government is fairly prudent in using the money collected from petroleum revenue, where almost half of the profits is ploughed back into the economy. This is unlike certain petroleum producing countries where a large portion of the profits go into the pockets of certain fat cats. In short I dare say that the economy in my country is still strong, unless certain troublemakers spoil everything up. all the best, rosdimy
2 people like this
• India
18 Jan 09
Oil price have come down because crude oil has become cheaper. I think that's a global phenomena. But as you mention about other things I can sense that it's not hit hard. Good for you all!
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• Canada
24 Jan 09
No one can disagree the recession has been bad for many people; the loonie is weak as hell right now, mutual funds have tumbled a long way and consumer confidence is at an all-time low. But I for one, would say there is definitely a silver lining to all this gloom and doom. Many people when they hear of a recession coming instinctively think "save, save save. Let's save up all our money so when it gets really bad, we'll be able to ride out the storm." Now let me say here, saving is a good thing. By no means should you constantly spend. But in the face of a recession, saving isn't always the best plan! What are you going to do with thousands of worthless dollars when the value of the dollar drops? A real life example of a better choice would be this; Here in north america and especially Canada, gas prices and SUV prices have dropped dramatically. People are shifting away from gas-guzzlers and demand for gas is low. So, wouldn't this be the best time to purchase a Hummer? Hummer's are cheap because no one wants them, and gas is even cheaper becaue people want to drive less, there's a war in iraq etc. (there are lots of factors to the low gas but I shan't go into them here) Right? That's just what I think.
1 person likes this
• India
24 Jan 09
Oh yea, you are right. It's not bad coming here to earn some money I have been able to buy two good books because of the posts here. I won't mind being able to buy some gas with all the posts.
@roc1818 (57)
• United States
17 Jan 09
Haven't been touched yet. I do have freinds who have a hard time paying off mortgages and I hear their stories every day.
1 person likes this
@skysuccess (8880)
• Singapore
18 Jan 09
headhunter525, I think it is wrong to think that countries like India and China have not been hit hard by this recession. In China, the manufacturing, agriculture and export sectors are being hit badly. Factories are closing in astronomical numbers and workers are loosing their jobs as we posts. They are now dealing with production surpluses from the drop in overseas orders and demands. Agriculture produces have not yield the ideal prices and so much so the farmers are have a big reduction in their income this year. Exporters does not have as much businesses overseas now and are finding it very hard to find alternatives for their massive huge surpluses. If the Europe and US are unable to turn the situation around for their businesses and the unemployment rates unchecked, then we are looking at a very major catastrophe. It will not be so pleasant and smooth a ride for the 2009 tide. So, keep that fingers of yours cross and pray hard that there will be an intervention from above and a timely turnaround. Have a nice weekend.
• India
18 Jan 09
Maybe my information is based on few days old news item. The other day I read that China and India have not been hit hard as much as some other countries are. I have also heard comments that look to these two countries to remain fairly stable and thus help stir the world economy to some kind of stability. Of course if EU, US and japan collapse then these two just can't do much becuause. sometime back Henry Kissinger was in India, and in an answer to a question he commented that after this recession India might even emerge much more influential at the global level. May be true, may be not. But yes, I don't want any country to get hit with this economic recession.
3 people like this