financial crisis

Many countries throughout the world will be affected. Many of the developed nations as well as those who rely on being able to export to other countries will find they have to lay workers off. Some of course will be hit harder than others but there is not a lot that can be done unfortunately. I suspect that even those countries which rely on substantial foreign aid will being to feel the pinch. For example my country, Australia, spends billions of $'s on foreign aid but as things get tougher here, something will have to be curtailed. I cannot see the taxpayers being happy for vast amounts of our money to be sent overseas when people are suffering here. We have already seen some retrenchments but I believe that there will be more in the coming months. That is despire the fact that so far our country is not nearly as badly off as many others. Our previous Liberal Government, which lose the election a year ago, left a huge surplus and that has certainly helped. Our current Labor government is busily spending that money in an attempt to keep the recession at bay. Only time will tell of course. Where I work, nobody has been laid of yet but these past few weeks we are working limited time. Many of us are using our accrued annual leave on a bid to keep our jobs and that is fine with the company as well. These past few weeks I have only worked for 1 or 2 days each week which is okay as I still have holidays owing to me but of course it cannot go on forever. I expect to be back to working 4-5 days a week within a couple of weeks and the other truck drivers will take some of their holidays then. It is a bit hard in many ways and people are often caught up in what is the right thing to do. For most people the initial instinct is to cut costs and save as much money as they can, in case they are laid off work. It actually depends on what sort of benefits are available in you country if you suddenly find youself unemployed. Generally though if we spend our money wisely, rather than putting it in the bank "just in case", it is better for the economy. Spending money is what keeps the economy turning over but people should only spend the money they can actually have and not use credit.

Hello wz. We are in the same country and it is true that many factory workers are losing their work due to the global financial crisis. Some of them have been back to their hometown from the coastal areas, but what is pleasant is that the local government in different places are helping them to regain new work in their hometown so long as they are skilled workers. In fact, many of them are skilled workers as they have worked in factories that need skilled workers in those coastal provinces. It is good that they have the ability to start their new work in their hometown. I am looking forward to the reviving of the economy. Let's hope for the best, friend.

yeah my family has felt it big time.. there arent any jobs around and my brother keeps getting laid off as soon as he gets one.. he's been out of work over a month now and laid off of like 5 jobs in 2 years...

my dear the financial crisis is all in the world you taking about china and usa but i will told you that i am living in pakistan and the financial crisis are also become there every thing prices is go at the peek touches the sky so what we can do it ? our government is very careless about that crisis the wheat sugar ,petrol every thing which is our useable its prices is going to peek an fi also feel that crisis

nt realy..in india effect is still little...prices of food ,gas ,disel have gone up...but now they are coming down slowly...most of the companies havent started job cuts yet..many infact taking paople 4 work...few companies cut temaparary jobs..n few companies in eal estate and aviation have cut down salaries...dats wha i have heard ...but no major imapct yet here.

I feel it but i think that the Media exagerate the problem too much.

Actually, I feel no difference in my country because this global crisis only affect macro economy, so in my country (Indonesia) which is one of developed country, there is no change in our daily economic life, the prices are still fixed even lower! Even my government just decreases fuel price as the effect of low price of international oil! :)

Same thing is happening here in my country... we are slowly feeling the effects of the world global crisis... and many Overseas Filipino Workers are losing their jobs... if that will happen a lot... then our economy will surely drop because we depend highly on the remittances sent by OFW's... I just hope that this will not last long... and that the new US President will be successful in improving the economy of the US...

The world is in terrible inflation. But, we in the Philippines are in much devastaion compared to some first world countries as yours. Lucky enough that ours is situated in the southeast part of Asia. Feng shui has some mystical energies making us survive somehow. Now that the USA has a new competent president, and Americans did a historical move not only for their own, but for the world. I believe there will be a sudden growth to their economy,if they come up with a proactive solution to their economic crisis. People shouldn't stop from buying to sustain the market. Go shopping!!!

I live in the United States and work in the mortgage field. I've been feeling the crisis for quite some time now as my field of work was the first to start plummeting. I know its affecting your country as many people have cut back drastically on their purchases in order to save as much money as possible. I hope that things change soon but from what I've been hearing, it will be at least another year before things start to improve again.

yes, china will suffer because of the economy downturn as they rely heavily on exports. many companies are already seeing their export orders declining for 2009 and more will come. You can also see that housing prices, shares and stocks are falling and still falling with experts saying that the lowest point is mid 2009 so we can see more pp getting retrench, having to sell their properties and other unhappy activities coming in 2009. Even for cars, agents have introduced the zero interest scheme to try to stir up the market. In Chongqing, they now even have the zero downpayment schemes where buyers just need to go to the showroom, pay the road tax and insurance and they can drive away a new car. They only need to pay the monthly instalments. this shows how bad the economy is doing now and we should keep our fingers crossed

Most are now talking about financial crisis that started about one year before in USA with home mortgage sub prime loan now have spread all over the world. This is one of the worst crisis of the decade and the is no relief in the sight. Governments has done many thing including injecting billions of dollars in to economy, bailing big default financial institution and paying out special benefit packages to its citizen. But not much improvement seen so far till stock index going down and prices of commodities are beyond purchase limit of general publics. I had to drastically adjust my luxury budget to cope up and had to scarp my family vacation trip.