Blog roundup detour
What a week that was, huh? Most of us have witnessed an amazing history in front of our TV and computers. Total technological wonders. Then, it’s back to reality. And so, my usual blog round-up takes a detour to give you a roundup of what people doesn’t want to talk about. Why? It’s depressing. Well, apologies if I am making you sad and lonely. But heck, this is reality.
Recession
Pessimism is the most serious cause of the financial crisis that is hitting every economy in the world. The cure? Optimism. Trust in your leader, have faith in him, like President Obama. I’m sure there is hope. Where are we headed? There is no way, but up. Look, I’m not trying to scare you of this entry. After all, most of you already knew the really lousy economic situation around the world. You already knew about the financial crisis. You already knew about the impending Intel shutdown in Manila. You already knew about some job cuts. So, those were mystery no more. As a matter of fact, there’s been so many Overseas Filipino Workers who have gone home to the Philippines since last year. So, this entry should not come as a shocker to you.
In my article Ay! Leche!, Bluepanjeet was asking if there is an economy out there that’s not affected by the financial crisis. Well, I actually found Sweden, France (see entry) and Austria as escaping recession. Although, I did see a number of articles claiming that Sweden is also in recession. Now, there were also mixed articles of Brazil, where one headline says that the recession there was over, some headlines says the otherwise. So, I thought, I would scour the internet and check some of the biggest economies as well as those that we all depend upon. The economies that pretty much dictates the path of our daily economic lives as Overseas Filipinos.
Here’s what I have for you.
- UK in recession
- Singapore in worst-ever recession
- US has been in recession since Dec 2007
- Not sure about Australia. They must be doing good.
- China nears recession
- South Korea slipping into recession phase
- Japanese economy now in recession
- Germany enter recession
- Russia in recession
- France defies recession expectations!
- Italy continues to be in recession
- Dubai: not recession-proof
- Malaysia bans foreign recruitment
- Sweden’s Fix for Banks: Nationalize Them
- Mixed reports but still point to one word
United Kingdom
The UK is now in recession for the first time since 1991, official government figures have confirmed. Gross domestic product fell by 1.5% in the last three months of 2008 after a 0.6% drop in the previous quarter. That means that the widely accepted definition of a recession – two consecutive quarters of falling economic growth – has been met. It represents the biggest quarter-on-quarter decline since 1980, and a 1.8% fall on the same quarter a year ago. The worse-than-expected contraction sent sterling to a 24-year low against the dollar, with one pound buying $1.355. Meanwhile the FTSE 100 index fell almost 2%, below 4,000 points.
Singapore
Singapore’s economy shrank more than expected in the fourth quarter, prompting the government to declare the nation was in its worst ever recession and fanning expectations that the central bank will let its currency weaken. The Singapore economy shrank in the fourth quarter at a seasonally adjusted, annualized pace of 16.9 percent, deeper than advance estimates of a 12.5 percent contraction, detailed government data showed Wednesday.
United States
The National Bureau of Economic Research declares what most Americans already knew: the downturn has been going on for some time. The National Bureau of Economic Research said Monday that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy . The NBER is a private group of leading economists charged with dating the start and end of economic downturns. It typically takes a long time after the start of a recession to declare its start because of the need to look at final readings of various economic measures. The NBER said that the deterioration in the labor market throughout 2008 was one key reason why it decided to state that the recession began last year.
Australia
This one says Australia is headed for recession. While this one says, Australia will avoid recession. While this one here says, Australia in “on verge” of recession.
China
China’s National Bureau of Statistics released fourth quarter GDP growth statistics for 2008 today, and it turns out that (according to their initial estimates) the Chinese economy expanded by 6.8 per cent in the last quarter of the year when compared with the same period in 2007. This was the weakest quarterly year on year growth rate in seven years. For the year as a whole, the economy grew 9 per cent, down from the revised 13 per cent growth rate in 2007.
South Korea
The central bank of Korea said on Thursday that South Korea’s export-dependent economy experienced its biggest contraction in nearly 11 years in the fourth quarter of last year, as the global economic slump cooled demand at home and abroad. The country’s gross domestic product contracted 3.4 percent in the October-December period from a year earlier, sinking from a 3.8 percent expansion in the previous quarter on a year-on-year basis. It was the first on-year decline since the 1998 fourth quarter when GDP, the broadest measure of economic performance, fell 6 percent at the height of the Asian financial crisis.
Japan
Japan’s economy has entered its first recession since 2001 after shrinking by 0.1% in the third quarter. The world’s second-biggest economy had previous shrunk by 0.9% in the April to June quarter. “The downtrend in the economy will continue for the time being as global growth slows,” said Japanese Economy Minister Kaoru Yosano.
Germany
The German economy, the largest in Europe, has entered a recession, according to data published Thursday that showed gross domestic product shrank for a second straight quarter as the global financial crisis intensified. The Federal Statistics Office reported that German gross domestic product contracted 0.5 percent in the third quarter – more than the 0.2 percent decline that had been anticipated. That follows a decline in the second quarter of 0.4 percent, a slight revision from the 0.5 percent drop previously announced.
Russia
Government admits that the economy will contract sharply in the next six months. Investors and economists have known it for a while, but for the first time a Russian government minister acknowledged that the country was headed into a deep recession. Andrei Klepach, Russia’s deputy economy minister, said the recession had “started already,” adding, “I’m afraid it will not be over in the next two quarters.” He also admitted that the goverment’s forecast of 6.8% economic growth for the year would have to be revised down.
France
The French economy grew by 0.1 per cent quarter-on-quarter from July to September defying expectations that it would immediately follow Germany into a technical recession. The slight positive growth – fuelled by resilient exports and an upturn in domestic consumption on the back of falling fuel prices– means that France will escape, for now, two consecutive quarters of contraction following a 0.2 per cent shrinkage in the second two months of the year. The figures, published by Insee, the statistical agency on Friday, provide a glimmer of light amid the gloom following Germany’s fall into recession with a contraction of 0.5 per cent in the third quarter. “It is good news, it means that France is technically not in recession,” Christine Lagarde, finance minister, said, drawing a contrast with the weak performance of Germany and the UK.
Italy
Italy entered its worst recession since 1992 in the third quarter of 2008. The Italian government is scheduled to present an 80 billion-euro ($101 billion) stimulus plan on November 28, and the government also plans to increase the funding for temporary unemployment benefits as joblessness rises. However with approximately 103% of GDP outstanding in debt and a substantial bank bailout to finance, possibilities for additional counter cyclical spending are limited.
Dubai
Industry reports and few personal accounts reveal massive job cuts in Dubai’s hospitality and tourism industry. Lay-offs in real estate have outnumbered all other job areas in the “City of Gold.” The United Arab Emirates (UAE) can no longer demonstrate staying recession-proof in a global meltdown. With the unexpected turn of events in the cash-rich Arab Gulf state, one hotel even offered to feed those who have been fired.
Malaysia
Malaysia has banned the hiring of new foreign workers in factories, shops and other services. The government said the move was to protect its citizens from unemployment during the economic downturn. It has also told employers that if they want to cut back their workforce they must sack foreign staff first. Malaysia is a leading Asian importer of labour, with more than two million foreign workers – mostly from Indonesia and other South East Asian countries.
How do you solve America’s banking problem?
The Swedes have a simple message to the Americans: Bite the bullet and nationalize. Former government officials in Sweden, many of whom come from the market-oriented end of the political spectrum, say the only way to solve the crisis in the United States is for the government to be prepared to temporarily take full ownership of the banks.
What about the Philippines?
Understand that OFW remittances which is now in the area of about $15 billion or more is what keeps the local Philippines economy afloat. Thanks to all of you Overseas Pinoys! Most of the news reports that I am reading says that there will be no recession in the Philippines but it seemed that everyone agrees that there will be an economic slowdown. For example: this one says that the banking industry is not affected by the recession. This one says that there will be no recession in the Philippines. And this one says that the economy will be gloomy but no recession.
It sure would be gloomy when you see people losing jobs daily! In a situation where people are losing jobs, that means no work. No work means, no production. No production equals? In the bigger formula of calculating GDP, it’s a reduction of GDP. And what does reduction of GDP means again? It’s called RECESSION.
I know, I know, we need to be careful about the wordings, else, we might cause panic. But, what’s in the word? You only need to walk outside of your house in Manila and see the reality. In fact, this is how the Labor Secretary puts it… “This is not normal!“
Other countries
If you’re interested to find out the situation in a country that is of interest to you, or where you are currently based as an OFW, as to whether or not they have fallen into recession or not, simply google the country’s name with the word recession in it. Now, of course the stories are unfolding and so, you might stumble into other news that could be far more current.
Footnotes:
- 10 Weeks of Financial Turmoil by the New York Times
- Senators urge summit to address job loss
- What in the world is GDP?
- Ay! Leche!
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{ 10 comments… read them below or add one }
Thumbs up for the effort. Hehe. Wala akong patience to research this way.
It’s really, really sad. I just hope the meltdown doesn’t last as long as it looks. Kainis, kainis, kainis!
doj´s last blog post..Sugarsweet
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reynz Reply:
January 24th, 2009 at 11:23 am
wala, interesado lang ako kung sino sino tinamaan. pati pala Canada – mixed ang mga reports. Merong – short recession, merong US recession will hit Canada the hardest, merong No recession in Canada. Ang gulo! hahaha!
reynz´s last blog post..My Obama. Your Obama. Our Obama.
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Very scary indeed.Even ka pepe recession din!Noticed 50 cents opp? may 5 cents pa kamo.Nakakainsulto! Mas mainam pa atang magdala ng gitara sa tabi ng istasyon ng train o hindi naman kaya mag lakad lakad sa kalsada ng Munich baka maka pulot pa ako ng limang oyro o higit pa!
cheh´s last blog post..Car Bomb
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reynz Reply:
January 24th, 2009 at 11:24 am
Umiyak dyan si Kotsengkuba sa $0.50 hahaha Tumigil na ako. Maya check ko. Pag makadali nang $10 babalik akong magsulat. Kiver kung tawaging lowly blogger. Hhahaha
reynz´s last blog post..My Obama. Your Obama. Our Obama.
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Roy Reply:
January 24th, 2009 at 1:40 pm
hahaha! akala ko sinong ka pepe
nakita ko nga yung mga $0.50 na yan…
may papatol kaya dun? hehe….
Roy´s last blog post..Solar Eclipse will feature the Ring of Fire
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heheh what’s new. lagi kayang recession dito LOL
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doj Reply:
January 24th, 2009 at 8:00 am
LOL! =)
doj´s last blog post..The New Logos
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reynz Reply:
January 24th, 2009 at 11:26 am
hak hak hak di ba nga? pero andami pa namang tao sa eastwood di ba?
reynz´s last blog post..My Obama. Your Obama. Our Obama.
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Naloka ako sa comprehensiveness ng post na ito. Wow.
Parang kumpleto pa ata kaysa sa CNN…hahahaha…
Meron akong friend na nagsasabi (he’s into real estate business) na somehow, hindi maapektuhan ang pinas dahil maliit lang daw ang market natin dito. Napaisip nga ako at napasabi na kung yung mga major markets and economies around the world e apektado, paano pa kaya ang maliliit ng markets na somehow, mas vulnerable pa ata.
I read a news recently na may bailout / stimulus package ang government daw natin worth 330 billion pesos daw. According to Fitch Ratings, hindi daw kakayanin ng pinas na isalba ang sarili nya against recession. Napaisip ako at napasabi ulit na saang lupalop ng pinas kukunin ang 330 billion pesos, kung ang pampagawa ng classrooms at pambili ng books for the students e wala.
Alisin na lang kaya ang pork barrel ng mga politikong nagpapalaki ng pwet sa senado at kamara? Baka siguro pag naipon yung pork barrel na yun (na questionable ang spending…) e baka sapat na pang-start ng bailout / stimulus para sa pinas…heheh…
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reynz Reply:
January 24th, 2009 at 11:29 am
hindi maa-apektuhan? hehehe – baka nagpalit sya nang channel nung nag-uwian mga OFW hehehe
nabasa ko rin yang stimulus chorva na yan. wawaldasin lang nila yan. dito, ang stimulus leche ni bush>? wala nang naka-alala,. an laki din kamo nun. ang natanggap kong stimulus check? $22. putang ina! indi man lang ako na-stimulate!
tama ka dun nga pala sa lecheng pork. eh pambulsa lang naman nila yan at pagbayad sa mga goons nila sa paligid nila.
reynz´s last blog post..My Obama. Your Obama. Our Obama.
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yung Philippines lang binasa ko, ang haba e, hehe….
di naman talaga tayo affected e, kasi araw-araw na lang recess (favorite subject, hehe…)
at saka ke recession o hindi, pareho lang naman na hindi pantay ang distribution ng resources dito sa Pilipinas
Roy´s last blog post..Solar Eclipse will feature the Ring of Fire
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reynz Reply:
January 24th, 2009 at 2:36 pm
sa totoo lang, ang recession saten nag-simula pa noong panahon ni marcos o before that? taz tuloy tuloy kahi na bago ang presidente. wala nang solusyon ang lecheng recession na yan sa pinas. kairita.
reynz´s last blog post..My Obama. Your Obama. Our Obama.
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Nakakagulat sa Pilipinas, walang recession daw? Kunsabagay wala namang ekonomiya ang Pilipinas paanong magkakaroon ng recession? Dafootahng LPG nga lang, wala e kung meron man, may patong isang daang piso, Juiceko! Saan ka naman nakakita, wala nang pera, wala pang hanap-buhay, eto’t walang tigil ang taas ng presyo. Hmmm.Pampataas ng GDP?
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Silver Reply:
January 24th, 2009 at 4:39 pm
Sa amin, may shortage ng LPG…ilang linggo kaming walang LPG kaya nagtyaga kami sa uling (in fairness, cheap at efficient kahit mangamoy usok ako)
Sinasabi ni reyes na walang shortage. Gagawin nya pang tanga ang mga Pilipino. Wala ngang shortage, may hoarding naman…hehehhe
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reynz Reply:
January 25th, 2009 at 1:15 am
silver, duda ko hoarding na naman ang kalechehang yan
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reynz Reply:
January 25th, 2009 at 1:14 am
hehehe kahit anong panlolokong walang recession alam na nang tao na kahit noon pa sa sobran hirap recession na hahah
kala siguro di naten alam na pag walang work walang produksyon at pag walang produksyon walang growth. eh ano pa nga yun kundi recession. hahaha
reynz´s last blog post..Royal Blog Santacruzan 01/24/2009 Presents: Recession
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Yang LPG crisis na yan, last week nag-suffer kami. Three days din kaming naghintay.
Kaya pesteng-peste kay Angelo Reyes who kept on insisting there was no LPG gas shortage. Hirap na nga tao, ginagawa pang tanga. Adding insult to injury.
Ellen´s last blog post..Latest Danny Lim video
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reynz Reply:
January 25th, 2009 at 1:16 am
iisa lang ang ibig sabihin nyan. mga gahamang gusto na namang itaas ang presyo. it’s bad enough na ang hirap na nang buhay considering na bumagsak na ang presyo nang oil titirahin pa sa hoarding. adding SALT talaga sa injury.
reynz´s last blog post..Royal Blog Santacruzan 01/24/2009 Presents: Recession
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so sad, dami na ring job cuts….intel plant in the phils is closing down! at marami na ring lay offs sa mga technopark sa laguna lalo na yong nasa electronics industry. pero hindi pa rin ito kasing worse noong 1997 o baka naman dahil nagsara na lahat noong 1997. Grabe, noong 1998 after my graduation, biglang nagsara ang Johnson and Johnson – 4,500 ang nawalan ng work. Tapos sunud-sunod nagsara ang pharma company. Ang hindi lang makapagsara dati eh wyett at p&g ata kasi kaka-expand lang nila, otherwise baka wala na ring operations ang mga yan sa pinas!
nina´s last blog post..Mileage
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reynz Reply:
January 25th, 2009 at 1:17 am
sana di na lumubha nang todo. good news is that kahit na magbabawas ang microsoft, mukhang di apektado ang pinas.
reynz´s last blog post..Royal Blog Santacruzan 01/24/2009 Presents: Recession
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With the current economic crisis a lot of people may start to wonder about their job security. Already there is a lot of ‘advisers’ telling dissatisfied employees to find a new job before they quit their current one,so I thought it would be a great time to take a look at some of the most recession proof jobs.
Obviously it is different for everyone based on their own circumstances, as one person who is in a job that would be considered high risk in relation to recessions may successfully keep his job, while others who hold one of the 10 positions below may find themselves out of work.
But here are my picks for the top recession proof jobs.
1. Nursing
Even during economic hardship life goes on. People get injured. people still have sex and get pregnant. There are still accidents and all the other reasons people visit hospitals.They are beaten and whacked by their lender being forgetful to pay what they owe.
2. Accounting
Just because times are getting tougher doesn’t mean that people don’t need accountants. The increase in demand for accountants can be blamed on tougher accounting and auditing regulations, making this one of the most recession proof jobs.
3. Education
Kid’s need to be taught one plus one no matter what is going on with the economy, so Madam and Sir are also quite safe when it comes to job security. However location may play a part in where the jobs are located.
4. Software Design & Development
According to the US Department of Labor, software design and development industry is set to be one of the fastest growing jobs through to 2016! reyna elena,me and you are addicted to blogging.
5. Administration Assistants
As living expenses increase, it is getting harder to live on less. Which is why there is always a need for administration assistants. As current administration assistants retire or move onto higher paid jobs they need to be replace.
6. Green Jobs
This is Gloria Arroyo’s favorite and she appointed herself CZaring
Until we counteract the effects that we have had on the earth there will be a need for environmental scientists and other ‘green jobs’ to tackle problems such as global warming.
7. Police
Crime doesn’t stop as times get harder. In fact it usually gets worse.Burglars and robbers multiply in numbers. There will always be a need for police officers.
8. Security
Just like with the police, but as more people become unemployed crime increases which is why business’ will look at hiring more security staff to monitor their business premises.
9. Aged Care
Our aging population will need a lot of support and this will not change even during economic hardship.This is a good paying job compared to waiting tables.These senior citizen have pensions and maybe mansions,they give you gift on Christmas especially those old man,they enjoyed so much if you masturbate them,don’t worry it won’t get filthy, pipe is clogged it needs Drano..
10. Funeral Services
The sad fact of life is that people die,especially on this crisis,a lot of people will die on stab wounds,gunshot and hunger, It doesn’t matter whether its the middle of a boom or recession, there will always be a need for funeral services. – .
Cocoy’s Delight´s last blog post..Mas maganda kung kasuhan na ni Gonzales ang mga “Santong Bakla”
[Reply]
reynz Reply:
January 25th, 2009 at 1:18 am
these are good choices cocoy. someone else dun sa kabilang post was asking about this. thank you.
reynz´s last blog post..Royal Blog Santacruzan 01/24/2009 Presents: Recession
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lcm Reply:
January 25th, 2009 at 6:29 am
nasaan si Cocoy, nasa Malas na Pinas o dito sa land of milk and honey?
doon sa AbC news they only have 5, IT, government, education, engineers, and support level staff, dagdagan naman antin both of these list ng Entertainment, kasi kahit down ang economy either live or multi media entertainment, manonood pa rin ang mga tao, lalo na sa Pinas siempre kita ang mga pirated DVDs, dito sa US, I was jsut at Costco, ayon hakot pa rin nila ang mga DVD na later on eh isusuli after mapanood.
additional for #10 Funeral, sa Pinas saan ililibing, baka masikip na sentemeryo, dahil ke recession o wala maraming namamatay kasi matigas ang mga ulo, mahilig magpaputok kahit bawal, dito sa US. going green na yong cremains gagawin semento tapos ihuhulog sa dagat para maging coral reefs or ilalagay sa box na natutunaw ililibing sa forest pero walang marka, oh di ba, naging fertilizer pa ang mga mahal natin sa buhay
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mga Misis ng mga Seaman, dahan dahan sa pagbili ng make-up 85%ng mga Greek owned shipping companies, nakatengga na sa pantalan, uuwi na ang inyong mga loved ones sapilitan.
Caanada, yong friend ko bawas na ang kanilang working hours
Las Vegas, accdg to our friend working at Sahara Hotel, sinarado na yong kalahati ng hotel
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