Recent data published by US department of Labor shows the real image of the global economic recession. This time, the economy started to walk down from the US and its spreading worldwide. One significant indicator of this economic hard time is shown by job cuts. Major industries, companies are laying off thousands of employs. Those who lost their job are having very hard time. I have seen people who were selling their house, each and every item in the house in garage sell.
The un-employment rate of the US in November is 6.7%. The second highest un-employment rate in last 10 years was 6.3% in 2003. The employment rate was about 3.8% in 2000 and second highest 4.4% in 2006.
This bad time started last year. According to The National Bureau of Economic Research ,the US entered a recession in December 2007. The up-slope movement will increase in next month as large number of big companies have announced huge job cuts in near future.
This recession is not localized in single place. Global economy is interconnected and inter-dependent. Government around the globe are trying to save the economy. We have wait and see how worst this will be and will affect us.
Nepal's economy is not as integrated to the global economy as other countries. This may save Nepal from this global economic downfall but I think it can not stay away as claimed by minister Dr Bhattarai.
The un-employment rate of the US in November is 6.7%. The second highest un-employment rate in last 10 years was 6.3% in 2003. The employment rate was about 3.8% in 2000 and second highest 4.4% in 2006.
This bad time started last year. According to The National Bureau of Economic Research ,the US entered a recession in December 2007. The up-slope movement will increase in next month as large number of big companies have announced huge job cuts in near future.
This recession is not localized in single place. Global economy is interconnected and inter-dependent. Government around the globe are trying to save the economy. We have wait and see how worst this will be and will affect us.
Nepal's economy is not as integrated to the global economy as other countries. This may save Nepal from this global economic downfall but I think it can not stay away as claimed by minister Dr Bhattarai.
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