Sunday, August 14, 2011

New Storm for OFWs: Second Wave of World Recession 2011

‘More dangerous’ times ahead—

SYDNEY – World Bank chief Robert Zoellick on Saturday warned of a “new and more dangerous” time in the global economy, with little breathing space in most developed countries as a debt crisis hits Europe.
Zoellick said the eurozone’s sovereign debt issues were more troubling than the “medium and long-term” problems which saw the United States downgraded by Standard and Poor’s last week, sending global markets into panic.
“We are in the early moments of a new and different storm, it’s not the same as 2008,” said Zoellick, referring to the global financial crisis.

The US last week for the first time lost its sterling credit rating with the Standard and Poor’s credit rating agency, which downgraded its topnotch triple A credit rating—which it had held since 1941—to AA+.

 the US economy will grow at a slower rate for many years to come and that would be “bad news” for the Philippines in terms of lower exports, lower remittances and lower foreign direct investments (FDI).

Kabayan , especially us OFWs are we ready for this? We have not yet fully recovered on the last recession and now another one is slowly creeping in!! We experience it first hand --- job lay offs , cost cutting , lower remittances.

“Let’s pray our OFWs do not get displaced.--- is praying enough? Absolutely not! We have to do our part by becoming ...

Flexible - If we are an employee , then we should at least be the best in our work otherwise we will be a candidate for termination and that's the last thing we don't want to happen especially when we know we have loved ones and families depending on us.

Resourceful - we should not depend on our active income alone.Enrich our knowledge on passive incomes.Do you still cling for job security? Nowadays , does this term in reality still exist? I wonder..

Are we still saving in banks because this is what tradition our parents has taught us when we know for a fact that the interest that we are earning is so little just not enough to make both ends meet.

 Kabayan , the times have already changed! Learn stocks , mutual funds , and other forms of leveraging. Be financially literate!

And as much as we strive to escape from this danger by becoming financially wealthy , we should be more prudent in our investment concerning spiritual wealth - because, when all else fails ,GOD never fails. if you feel like hanging at the edge of the thread and though situations might look hopeless ... HAVE FAITH! for He rescues those who believes and abides in HIM!

Godbless to All OFWs!

Archie Acedo ,MBA
050 686 0415
Associate Financial Planner
OFW Investor/Entrepreneur

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