BusinessTimes reported that U.S, Eurozone (ie Germany the biggest economy in Europe, UK and Italy are in recession. Spain is heading for one.) and HongKong is already in recession. BBC reported that Japan and Singapore economies are already in recession. ABC reported that Australia is heading for a recession. A commentary has published a report that China, Russia, India and Brazil are all heading either a downturn or a slowdown. If the countries mentioned above are not one of the largest around, I don't know what is.
Sun Microsystem said that it will cut jobs, 18% of it's workforce or 6,000 jobs. Citibank was reported that it will shed 52,000 jobs or 15% of it's workforce. I'm sure the list doesn't stop here.
Even our local Human Resource Minister has said that "there are predictions that next year we will face bigger problems." He also said that the ministry will discuss the setting up of a retrenchment fund and have asked the International Labour Organisation to do research on how to implement the fund in the Malaysian context.
One-by-one, the economic dominos are showing its effect.
Even Warren Buffet has said that US economy will be more severe that most people's expectation.
BUT BUT
Najib says that Malaysia will not experience recession, today and last month.
mmmm.... it just doesn't add up, does it?
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