Recession Blues.......

The biggest fallout of recession is neither the plummeting Stocks nor the business Bankruptcies.It is the fear that this situation has built in us.I have seen people frantically searching for jobs which have become virtually non existent in the market.The fear of loosing one's dearly held job overnight has created a kind of mass hysteria among people world over.
I see some Colleagues and friends addressing each other with sighs of relief and "thank god you have the job" . Is this the worst or is the worst yet to come.IMF has declared this as the worst economic crisis ever.This has made the policy makers across the world re-think their economic policies.The flag bearers of free trade and fiery supports of globalization are slowly showing signs of protectionism.The "foreign workers are not welcome "sign boards are virtually about to be hung across the business in the world starting with those in the US.This is perhaps the only phenomenon that hasn't spared neither a sector nor a country....probably like death it has not spared any race or creed...neither the rich nor the poor.
Talking of the scenario back in the countries like India where export of Cheap labor in high tech industries like Fabrication and IT is a considerable part of the economy,the growth has almost taken a sudden jolt.With the economy sustaining itself with no growth what so ever.With dwindling opportunity and curbs on software exports to US ..the companies which had seen preposterous growth rates of 30 to 40 % YoY are now feeling the heat....Big IT houses like TCS ,INFOSYS,WIPRO are baring the brunt as their primary market,the US is in very bad shapre.Its no time that they would also come back with policies of layoffs and job cuts .
i hope tomorrow i can still face the mirror and say "thank God i have my Job for the day ".....