Do you and your country feel the effects of the Global economic crisis?

Singapore
December 16, 2008 4:05am CST
Very much so. I work for an American MNC, and there are lots of cost-reduction efforts being implemented everywhere. Hiring has been frozen, and some contractual workers have been let go, but so far they have yet to announce workforce reduction for permanent workers. I sure hope they continue to do so. I could not say the same for some American MNCs in Singapore. Citibank and AIG for instance have announced a huge reduction in their workforce, and some other companies are following suit. Tough times, but I hope we can all weather this storm out. How about you my fellow mylotters, do you feel the effects of the Global economic crisis in your country???
2 responses
lou_66
@lou_66 (909)
•
16 Dec 08
at the moment the crisi is not effecting me personally. but i can see the effects of the crisi in everyday life. i have a couple of friends who have lost their jobs as the companies they work for have gone bust. also i have got friends who have bee refused credit as lenders are being a lot more careful in choosing who to lend to. i hope this crisi never effects me. happy mylotting
brady2moss
@brady2moss (700)
• Singapore
16 Dec 08
We all hope and pray it never affects any of us. Boy it's gonna be a loooooooong 2009.
srijshm
@srijshm (1165)
• India
16 Dec 08
Hi, I work in India & take care of placement of students in hospitality industry. the demand in the industry has certainly gone down. Some of my students who had a verbal confirmation of the job have been denied palcement after the recession hit the market. real estate is the worst effected in our country. Stock market are trading at 40% lower rates compared to pre recession period. From a personal angle, the short term effects have been positive as petrol rates are down & inflation is in check.
brady2moss
@brady2moss (700)
• Singapore
16 Dec 08
Hi there srijshm! I feel bad for your students, hopefully they do get a job soon. Speaking of the stock market, It's a total bummer don't you think? I hold some stocks myself, and it's down by more than 70%, gesh! Ahhhh I just heard OPEC's planning to cut down production to boost up the oil price, man can't they just cooperate with the rest of the world???