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World Financial Crisis

9 March 2009
World Financial Crisis
Nobody are able to save this unless all countries worked together...

Talking about Singapore>>
According to MM Lee, he expected that Singapore economic growth will shrink by at least 10 per cent.Due to the exportation of their goods kept falling sharply, Gross Domestic Product of Singapore will fall about 10 per cent. It is unexpected because earlier, the economist predicted that Singapore economic growth will shrink by 2.0 to 5.0 per cent. This prediction is done after knowing the economic growth of Singapore in 2008.

However, MM Lee says
"When they do recover, we'll bounce back faster than anybody else because three-and-a-quarter times our GDP is in external trade. So we just got to tough it out."
(According to the news on March 5, 2009)

My Views>>>
From what we know now is that once US, Middle East, Europe or other more developed countries recover, Singapore economy will definitely grow. However, it is a worry to other countries such as US. Since after Mr. Obama took over Mr. Bush's place, nothing much has been done to its economy...

Talking about US>>>
A more worrying thing is that US jobless rate for February 2009 reach a highest rate. This is the highest since December 1983. This figures been done by the US Labour Department.

According to BBC news,
US Labour Department has calculated that the unemployment rate has reach its highest point of 8.1% which is bout 12.5 million people losing the jobs. Between each sectors, there will people trying to work part-time than full-time. Many companies had to save their cost by reducing more and more workers.
(BBC News, 6 March 2009)

My Views>>>
Don't know what will happen if US employment rate getting higher and higher. If this is so, many countries depending on them will suffer severely. It is either the fall of a country or people leaving their homeland to other countries for a support. Can't believe it, huh? Not trying to scare you, but this can be real!

When It Will End?
Nobody Knows!
According Yahoo News on March 8, a US professor feel that this global recession will end at the end of 2010 or longer!

He says," world governments are falling behind the curve in tackling the crisis with policymakers moving in the right direction -- but (doing) too little too late."

We all sink or swim together," he said, adding there is no way policy action in emerging economic giants India and China can pull the global economy out of the slump.

The statement in BOLD is TRUE! Only Economic Giant do something, the world will be safe! In other words, if countries come together to overcome, global recession confirm will be over!!!

Time