Just How Bad is the Global Economic Crisis ?
Let’s forget about Malaysia’s ping pong politics for now & take a look at how severe the global economic crisis is. Many economists say it’s the worst worldwide economic downturn since the Great Depression of the 1930s. According to Forbes list of the world’s richest people 2009, Bill Gates lost USD 18 billion, but reclaimed the no. 1 spot. On the same list, Warren Buffet was no.2 but lost USD 25 billion due to a huge drop of his shares. Anil Ambani was hit the hardest as he lost 76% of his net worth. Anil lost USD 32 billion also due to a heavy fall on his shares (Forbes World’s Richest People 2009). USA jobless rate hits 8.1% in February 2009. 1 987,000 jobs lost from December 2008-February 2009. Currently 12.5 million people are unemployed in the USA. UK unemployment rate at 6.3% as of February 2009…1.97 million jobless. Singapore expects unemployment rate to rise to 4.2% in January 2009. So far, 34,000 have lost their jobs. Malaysian Human Resources Ministry expects 100,000 to ...