December 2008 Archives

There's a singular word that is being coveted across the world. From politicians to workers, news agencies to international organizations-this word is shaping business deals and national policies. It is uttered in cautious reverence and is being treated as the most crucial need in a time of economic crises. The word is Optimism, and it seems that some unlikely countries have a much better hold on it than the world's biggest and most powerful.

Long before this current bout of global recession introduced people to the realities of a new economic order, it was the woebegone automotive sector that made the daily news. For over a decade now there has been an alarming slump in car sales in markets traditionally expected to have the highest grossing economies, like the US and Europe.

Ever wonder why there has been a sudden proliferation of head hunters and recruiting agencies? Today's job search is a far cry from only scanning the classifieds of your daily paper. Job seekers now have to stay on top of their game and deal with a multitude of recruiting processes to be eligible for employment at most top companies. Along with the daily classifieds there are local employment agencies, specialized recruiting firms, job fairs, online job boards, internal and external networking and the dressed-to-impress head hunters searching for these companies. No wonder most people don't seriously consider job shopping until they're unemployed.

If this recent global lending crisis has proven anything throughout the chaos, it's that markets worldwide have never been as integrated and interdependent as they are now. When leaders of the most powerful countries are under constant duress to issue assuring statements of caution, and pledges to put tax payers' money to good use under growing deficits, it's obvious that this ominous atmosphere has everyone's guard up. Governments in the United States and the European Union are making daily decisions on which faltering companies should be saved and which should be left to go under. So, if it has come to a matter of staying afloat on emergency loans or sinking, does it make sense to drive against the economic tide by showcasing multibillion-dollar real estate projects?

This week has seen news reports take a more precise spin on the question of the economy. By now, it would seem everyone has had quite enough of the phrase 'on the verge of a recession.' Even its a slightly modified and more alarming version of 'global recession' has been played out. In fact, newscasters for the BBC World News began their headlines by admitting they had run out of clichés after a whole barrage titles such as 'Manic Monday,' 'Frantic Friday,' and the like.  Yet the story itself is nowhere close to finding a conclusion, and its scope seems to only grow bigger day by day. With the head of IMF, Dominique Straus-Kahn predicting zero growth in advanced economies and about an average 3 per cent growth globally next year, played out or not, the fear of that looming recession is now being acknowledged around the world.