Global Economic Problems: Hitting Hard on the Social Economic Status of Workers

The present global economic problems has been showing signs in the later part of the 1990’s, simmering down for awhile and peaked between 2007 until 2008. Stock markets have gone down resulting to the breakdown of large financial institutions. Governments including the richest nations have to turn to recovery programs in the preservation of their financial systems.

The global economic catastrophe affecting the social economic status of foreign and local workers brought more concerns as financial solutions were more focused in extricating those responsible rather than providing solutions to uplift their social economic status. The effects of the present global economic enigma could have been avoided if economic idealists have not supported the existing financial systems and listened to the worries and point of views of others.

Foreign workers in most Asian countries were laid off from their jobs forcing them to go back to their home countries left unemployed. While local workers are dealing with job lay – offs from foreclosures of multi – national companies and local companies as well. Even big companies in the United States suffered foreclosures resulting massive job lay – offs.

The purpose of the economic journal in different countries was not able to emancipate the workers situation in spite of the introduction of recovery programs. Most of these recovery programs were concentrated in alleviating and preserving the companies and governments’ financial situation and such recovery programs will help in preserving the workforce and bring in more jobs thereafter.
The recovery programs did not help the workers in getting back their jobs instead more people were laid off and turned to financial institutions to save them from their social economic status and ended up in deeper debts. The workers’ situation in different countries have worsen and they have been finding ways to find job openings in their own country but to no avail and with the global economic crisis work abroad programs rarely comes with better benefits and the wages were low.

 

Some workers were forced to accept jobs which pay way below their present job to keep from being laid – off. Competition for human resources in different countries had added to the downfall of the social economic status of the workers in different countries because of cheaper labor. Third world countries providing human resources relies on the remittances of these workers to boost their foreign exchange.

The global economic crisis is starting to mend after its worst downfall in 2008 until the early 2009. Some countries are starting to recover with positive indications of growth on their gross domestic product (GDP) expressing recovery in international trade and production of global industries. The economic journal of different countries had been indicating these improvements resulting to more positive ideas and reformatory programs to further enhance the global economic situation.
The improvement on the global economic situation and recovering international trade will start the building up of new industries and who knows even the reopening of foreclosed companies and start generating jobs again for foreign and local workers. These will give the workers a new outlook in alleviating their social economic status and as the global economic crisis continues to recover more jobs will start generating in the near future.

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Posted by Rhodos on Aug 23 2010. Filed under World News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry