Topic Economic and Finance - A global Recession
In former times it was quite usualfor one of the major developed countries to experience an economic downturn while the rest were unaffected by any fears of arecession This is no longer the case The economy like several other issues, has become global. Countries no longer stand alone as separate economic units.
Globalization of manufacturing, in particular, has meant that a slowdown in the economy of a major country will have a knock-on effect on the rest There are so many huge multinational companies operating in several countries that it is difficult to separate the international economy from the domestic economy When one is in trouble so is the other.
International observers have been warning for some time that a slump is on its way The money markets have shown signs of instability and some manufacturing industries, particularly those involving computers and telecommunications, are already in recession. The situation is not unexpected, for the economy tends to follow a cycle by which slump follows boom Certainly, many countries have experienced quite a prolonged boom recently and have enjoyed the benefits of a buoyant economy Now a period of stagnation seems likely.
The international economic decline is not just about the stock markets andbig business Much closer to home, it is about jobs Any downturn in the global economy results in a certain amount of unemployment It will be no consolation to workers to know that the jobs of people in other countries are being axed at the same time as their own. At the start of such a downturn some firms might be able to downsize their operations with just a few redundancies If things get worse they will be forced to announce more and more lay-offs and those made jobless will find it increasingly difficult to find other work The possibility of working abroad will, obviously, have diminished.
At the moment economic indications suggest that the global economy could well be facing a financial crisis It seems that worldwide we may be about to experience a period of job cuts, company closures and bankruptcies .
We've had the good times Get ready for the bad times!
Many of the world's governments today are not spending the time or money they should on developing their most important resource - their youth. What are the issues the youth of today are facing? Suggest ways in which these issues should be dealt with by governments ?
It is indeed a short-sighted government that spends too little of its resources on its youth The youth are the future and must be given preferential treatment If they are no given due consideration, there will be a disintegration of societies around the world Governments and families must address issues unique to their youth.
Rapid increases in technology and the multiplication of knowledge result in unique work challenges Whereas, many older workers were able to stay with their jobs for the entirely of their lives, today whole industries can be totally wiped out over a short period of time Keeping up-to-date with job skills and knowledge is a serious issue for youth.