I recently went to visit Dubai for 3 days and its a beautiful city with breathtaking blend of the east and west. I was told that about 2 lakh Indians from the Emirates (UAE, including Dubai) left behind a lot of their belongings and even expensive cars and returned to India due to losing their jobs. In my one and half months in Kuwait on my recent visit, the recession is what everyone is disturbed by and talking about.
Today's society is a consumer based society where aggressive marketing and advertisements lead consumers to buy more, spend more on truly what they donot really need. To build a financial back up or support to fall back on during crisis like this is a must. Consumers are advised by Financial Analysts to be careful with the spending and to buy or spend on what is only needed .
The current unemployment is at a 25 year high and stocks have plunged 12 year low. If companies focused on job retention, this can mute unemployment growth. Business Analysts are of the hope that economic growth should pick up by 2010 and gradually improve by 2013. U.S. predicts that the economy would recover in five years. Thats a long time for people facing unemployment providing them with hardly any consolation. One can only hope the economic recession would not worsen as people fear a severe deterioration in the labour market.
