Nowadays, almost everyone are on their toes whenever we speak about recession. Hearing stories about lost jobs continue to rise, it makes us think even further. Who’s gonna be next, will I be the one?
It’s a good thing that most of us now are slowly adapting to the current situation. We learned to adjust our lifestyle and live only within our limits. Looking back, taking the United States economy as an example, people had drowned themselves with loans and mortgage left and right. Banks granted all them and when the time came where most of the borrowers were no longer able to pay, assets became non-productive. It all went to foreclosed homes and loans. Secondly, globalization has taken away opportunities to Americans. See the domino effect? What happens if you have more expenses and less income? You’re left with nothing and worried what food to prepare the next day, right?
I would like to discuss globalization in relation to recession. It is a fact that opportunities are evenly distributed nowadays. Since, companies in the United States and Europe are also struggling to survive, they have decided to seek for a manpower that is much cheaper and can help their business survive. I have consulted my friends in mylot ones about their feedback about call centers in Philippines and India. They commented that this could make the matter even worse because if no one the United States and Europe can no longer afford the services and products, what’s the point of having call centers to address the consumers’ needs?
Meanwhile, the good side of recession is equality. Assets and money will be distributed evenly among surviving countries. For instance, overseas Filipino workers in the United States will allot a part of their income and send it to their families in the Philippines. In line with this, if you are an investor, the best market to focus on are the OFWs and their families. That is the reason why despite all these scary recession stories we hear everyday, telecommunication companies are less likely affected by this scare. That is also the reason why most cellphone companies are never threatened by this. In fact, they regularly introduce new models; the market is growing and showing no signs of slowing down.
Therefore, I would say that there’s nothing to be scared of recession after all. This is just the impact of Globalization that is in place right now. Money is just distributed evenly. Let’s all live our lives according to what we only have. Let’s not drown ourselves with debts that we in the first place know that we can’t pay.