If you think the global financial crisis has reached its peak, well no, it’s not quite there. I think we’re far from it still. First it was the banks falling one after another and then the automotive industry followed suit. Soon after, many other industries were laying off workers, most evidently seen in the manufacturing businesses.
Now, the banks and automakers are making another comeback with worse news than before. We thought the US had it all under control with all the huge bailout plans but they don’t seem to be enough. Now, many of these conglomerates are on the verge of going bankrupt.
Domestically, we are also seeing layoffs and there will be more layoffs to come in the coming months, I suspect. Those who are working in MNCs do face quite a bit of challenge now that many of these MNC’s parent companies aren’t doing well in their home ground.
The central bank has announced yet another cut in the overnight policy rate and I believe the banks will soon be lowering their base lending rate as a result of the lower OPR. All these are signs of what’s to come next – a recession.
What’s your plan going forward?
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