Business | Markets
Experts counsel residents to guard against slump's psychiatric fallout
Psychiatrists advise UAE residents to keep an optimistic outlook to ensure the global credit meltdown does not damage their mental health.
- By Huda Tabrez, Community Journalist
- Published: 23:28 October 13, 2008
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- G-7 leaders pledge co-operation
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Dubai: Psychiatrists advise UAE residents to keep an optimistic outlook to ensure the global credit meltdown does not damage their mental health.
Dr Naresh Dhar, a Dubai-based psychiatrist, feels the economic crisis may lead to severe psychological stress among investors as the meltdown continues.
"The impact of the economic crisis can definitely be felt among residents." Dr Dhar said.
He has advised residents, especially traders, to maintain a realistic approach towards the stock market.
"You have to be practical about your chances in the stock market. If you are mentally prepared to incur losses, it may help you in coping with the current crisis," he said.
"I understand that the situation is quite bad. However, sitting in front of a screen to monitor the stocks second by second is only going to increase stress," he said. "If you build up stress it may force you towards extreme actions. Residents need to realise that heart attacks, strokes and suicidal tendencies are a very real concern."
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He urged the investors to relax and de-stress by taking frequent breaks. "Go for a walk and spend more time with your family. Relax and do not let the stress build up," he said.
Dr Mahfoudh Rifat, a psychiatrist, has asked people to take professional help as soon as they see any changes in their health.
"The stress caused by tumbling stocks can lead to many psychological and psychosomatic problems," Dr Rifat said.
"Many of my patients have complained of an aggravation in their psychological problems because of the financial crisis," he said.
According to him, the reassurances given by governments across the world would have decreased the psychological impact of the problem. "By guaranteeing deposits and reassuring people that banks are safe, the governments have given hope to people in a difficult time," he said.
He warned middle-aged residents of long-term psychological effects of the problem.
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