"Recession" basically means a
slow down in countries GDP. Year 2008 was the start of everything. The
whole world is coming to a stop due to recession. We see companies
running out of cash, laying off employees,reduction in the salaries of
employees, banks slashing interest rates on housing loans, financial
institutions seeing its fall down and what not..... I remember such kind
of situation fifteen years ago; where there was unemployment around the
country. But later the country started to develop, since there the
global needs were increasing and there were a lot of opportunities for
entrepreneurs and in turn employment was not a problem. Any Tom Dick and
Harry could get employed in a company. For the past ten years,
companies were hunting for manpower and recruitment went on in
thousands. But at present there are no vacancies. Why do you think
that recession has hit back again? Well, I am no economist to answer
this question. But this is my view. No one looks back when your blessed
with everything. That is typical human psychology. When humans had
nothing they started to invent all that they wanted and as years passed
by, humans started to buy what ever they wanted as anything and
everything was available for money. So spending power increased. But
they failed to realize that their buying power is still low. There were
lots of perks that the banks gave when anyone applied for personal
loans. It was easier to get a personal loan and make your wish come
true. Believe me the rate of interest of a personal loan last year was
18% and now it is increased to 21% by private banks. The situation
right now is so bad, that any individual who is working for corporate
companies wake up everyday with fear. They are unsure whether they are
stilled employed; until they reach office and read their e-mails. It is
predicted that this situation is going to last for another couple of
years. I am sure that everyone has learnt a lesson on their expenses.
But as humans we never tend to learn from mistakes.
