YES!!! But, I don't feel the pinch yet. That's because I'm quite secured working in a public sector. Last night, there was an interview with Datuk Dr. Subramaniam, the Minister of Human Resource regarding MTUC's prediction that 200,000 workers will be retrenced, compare with 85,000 retrenced during 1985's recession. This number worries me because my husband being the breadwinner could be in this number. However, Dr. Subramaniam mentioned that there are 2.2 million foreign workers in our country. Therefore, if we send all the foreign workers back to their countries, we have enough pool of works for locals. Those retrenced can take over construction works, restaurants, etc. I hope to get a local maid plak..hahahaaa. Kalau dah terdesak, mesti ada yang sanggup keje as a maid.
Anyway, experts believed that cash flow would dry up from July onwards, and people should be careful to keep their money and not invest in dubious scheme. The years 2009 and 2012 will be bad and the economy would only bounce back in 2013.
My hub always remind me to be prudent in our spending, especially mine. (**Nana, now you know why I can't buy gaucho now**). I can't imagine to wait until 2013..that's 4 years !!! Restraining myself from indulgence!!!.. But I must be thankful that my hub is still working and I have a secured job. The 1997 economic downturn only involved Asia, but this time it involves WORLWIDE!!! This is how serious our situation is:-
- Sony announced its lost in 14 years
- Toyota and Honda may incur loss
- Citibank US laid off its workers
- Western Digital, Sarawak ceased its operation - 1,500 workers were laid off
- Sidel Malaysia closed its manufacturing plant - affected about 100 workers
- NEC laid off 200 operators and offered VSS to all levels of workers
- Panasonic offered its workers VSS
Mind you the above facts are known to me. The fact that I'm not an economist makes me ignorant of the current economic crisis. I pray for the best to us all.