The global economy is just recovering from recession. It was a tough year indeed. Many lost their jobs and were virtually thrown on the streets. Those who had mortgaged their houses had lost their homes. They had no money to pay up the loans. Several people had to survive on unemployment benefits in the US which is very meager. World over the scenario was the same.
What has recession meant to all of us?
Recession has, no doubt, taught us all to understand and appreciate hardships that many millions all over the world face otherwise. It was easy for most people prior to the recession. They had the money to buy luxury goods and lead comfortable life. Perhaps they never visualized that they would have to count their pennies.
For many people in the underdeveloped and developing world recession perhaps did not mean a thing as they always lived in abject poverty. It is mostly the developed countries like the US were hit very hard. Of course what happens in the US economy does have its impact on the world economy. Even in India, times were tough. Many were thrown out of their jobs. There was slump in the market as the purchasing power of the people came down.
Victims of recession suffered from depression and some even committed suicide as they were unable to face the financial crisis in their lives.
What has recession taught us?
It is quite obvious that people need now need to be careful with their spending habits. They should not take things for granted. Simplicity should be given preference. Consumerism is definitely unpredictable in case the economy goes awry.
Consumers yet will continue to behave as they are. Once the economy improves and their purchasing power also improves they will start spending again. People tend to forget past experiences and feel that it was only a bad phase.
Can recession occur again?
Undoubtedly this is a phenomenon that world at times experiences. When it strikes we do not know but it does strike. The lucky ones survive it and those who are unlucky bear the brunt.
By beginning of next year it is hoped that the world economy scenario will change. Slowly, recession will be forgotten and those looking out for employment will be able to fetch a good and decent job for themselves. Memories will remain.
