Recessionary Fears

Its another week since i last blog. The year is almost coming to an end. In less than 45 days, we will usher into another new year. There are so many uncertainties now especially with the gloomy economic outlook and massive retrenchment exercise. The year started with a big bang but it went downhill after June. Like wat happen in 1997, everyone is getting panick over their ricebowl.

The first major retrenchment exercise was led by our national bank DBS. I am shocked when the bank decide to layoff 900 pple. I mean that is quite a substantial number. I would have expected retrenchment but not to tat extend. HSBC and Citigroup follow suit as the impact of financial turmoil sinks in. The financial sector is badly hit this time. Like wat many say, they used to earn big bucks during the good years, once the economy slumps, they have to rely on what they have earned previously. I am sure they have sufficient savings to tie over the crisis.

I wonder how things will be like in 2009. It will start off with a downturn. The Americans predict their recession will end in June. Do you think so? Have the impact been felt? Have we reached the rock bottom? I doubt so. Japan has just fallen into recession after Europe. Singapore being dependent on external trade fell into recession a quarter ago. Our neighbours are not as bad since they have support of their domestic economy.

I guess everyone is concern who is the next to go. One day if HR comes calling you or knocking on your desk, i think tat the end of the story. Hopefully i wont get affected. If it does, i have decided to go for upgrading. Ha.. Probably a better reason for me to leave the company. Other plans will be put on hold indefinitely till i finish my course. Maybe its a good time to go overseas too as i pursue my post grad degree. hahahha...