Recession

"Hang on to your job." This is the one and only voice in everyone's head, and this task becomes increasingly difficult with the global recession tossing our lives upside down. Quite unlike any other global crisis, the financial turmoil has seeped into parts of our lives we never imagined. Families are feeling the strain, dream jobs are turning into nightmares and your everyday tasks at work are taking unprecedented priority. Will we and the global financial systems emerge stronger out of this crisis? Have you felt the pinch yet? What is the way forward?

Recession is traumatising families as they cope with the stress of job loss.

It depresses me to see the unlucky people who face its drastic impact. It does not matter if the employee is hardworking, he would still lose his job due to mistakes made by a giant corporation in the US. Authorities need to come forward with more fiscal deposits and financial plans. Also, people should be careful not to get exploited due to the scarcity of jobs or liquid cash.
Rakhi Sunil
Ajman

The situation may vary from one family to another. But, the recession has definitely had a negative impact. A lot of people have lost their jobs and are suffering due to the economic turbulence. While I hope it ends soon, I do realise that it will take time for the global economy to recover. I would suggest people to reduce their expenses and buy only what they need.
Jeffrey Buar
Abu Dhabi

There is no job security and it is extremely taxing to find a new job. Everybody is worried as things are uncertain and mostly unexpected. It is horrible to see people suffering because in some cases, they can't even pay off their debts. This leads to losses further down the chain. It is like a cycle, with everyone suffering because of another.
Martina Hendricks
Dubai

One of my friends had a terrible experience because she lost her job and her husband's was also uncertain. She had taken loans to invest in property and was literally traumatised because of the situation. I think companies are also exploiting the situation and overworking employees. All this is putting a strain on relationships, as people are unable to spend quality time with their families.
Tayyeba Hussain
Sharjah

The fall of big corporations means smaller family businesses can flourish.

I do not think big corporations will collapse. They have a corporate vision for years and plans in place for such situations. However, they may be affected to some extent and might end up taking decisions to cut costs. Also, government and semi-government companies are not feeling the pinch. The global recession may also give small businesses, in certain sectors, a good opportunity.
Mohammad Bilal Khan
Ajman

In every crisis, there are people who benefit. Professionals like financial advisers or insurance providers may be in demand. Also, people have now changed their buying habits and are not spending as lavishly as they used to. Instead of going to expensive places, they are now looking for economical alternatives and going to cheaper places to save money.
Assem Salah Al Mor
Abu Dhabi

In the US, things have definitely changed more than anywhere else in the world. Comparatively, there is more stability in the UAE. So, while some corporations have fallen in the US, I doubt whether this trend would show up in other countries. Also, I do not think this will benefit smaller companies. It is not a good time for anyone and people should wait for the situation improve.
Zannat Islam
Sharjah

I think a lot of people are benefiting from the recession. Instead of losing their homes, they seem to be buying new ones, as well as cars at a cheaper price. As far as companies are concerned, the impact would vary based on the situation. It may be a good idea for smaller business to market more aggressively, but it may also be extremely risky.
Ola Mryhij
Dubai

The global economic downturn has forced people to face up to their greed and impulse-buying habits.

While people have changed their buying habits, this does not mean they are greedy. Yes, people have stopped buying luxury items like better mobile phones or cars. However, it is not because they were taking too much earlier, it is because they are not making as much now. Or at least, they think would not make as much. You earn a good salary so that you may spend it, not to stash it in a corner. That is what mothers used to do.
Khurram Asif
Dubai

To call a person greedy for being ambitious and wanting to move up in life is not fair. Companies are partly to blame for hiring employees who are overrated and over-paid. Are top management employees, with the high salaries and perks, worth it? This is a time for everyone to be supportive rather than be greedy and lead extravagant lifestyles.
Subaih N.A.
Sharjah

People have the money but they are scared to spend it. The situation is secure here and yet people are scared. In such situations, we should be more confident in spending money. We are like a family and need to support each other. Before the global recession hit us, people spent a lot because they felt secure. But, things are still fairly secure and we should continue spending.
Abed Al Salam Bedran
Sharjah

The crunch has made a lot of us revise our daily expenditures... Secondly, due to our lifestyles, people were in the habit of splurging on impulse rather than need. This has now changed drastically. Even our so-called "fashionistas" have become "recessionistas", revamping their looks not with unnecessary spending but by visiting the back of their wardrobes.
Rabab Hussain
Sharjah

While people have changed their buying habits, this does not mean they are greedy. Yes, people have stopped buying luxury items like better mobile phones or cars. However, it is not because they were taking too much earlier, it is because they are not making as much now. Or at least, they think would not make as much. You earn a good salary so that you may spend it, not to stash it in a corner.
Khurram Asif
Dubai

More families are forced to live apart as they cope with the prospect of no growth in income for the coming few years.

Since nobody's job is safe in the global financial crisis, people are opting to send their families back home. Salary increments are non-existent and there seems to be no job security. All these factors need to be addressed by the concerned authorities, as nobody would want to stay away from their families.
Munawar Aziz
Dubai

I have seen many families suffer because of the global financial crisis. The recession is just temporary and there is no need to live away from one another. Also, the family members need to stick it out in such situations and help one another. They need to... ensure they stay within the monthly budget. Also, if they do not work, they should consider taking up a job to support the expenses.
Timur Atabaev
Abu Dhabi

The recession has not affected me much, even though I did not get an increment or bonus. However, the impact the crisis has had on financial institutions is the most worrying. Banks have put up stringent measures for almost every service they provide, including issuing cheque books. The procedures have become more complicated and I do not think this is the right way forward.
Leila Aizharikova
Dubai

Many families are living apart due to the global recession. However, there are also others who were initially living in different countries, but have come together because one of the members lost his or her job. I believe it is always better for families to stay together, more so at a time of financial instability. Families can provide you with the support you need to face the tough times.
Farah Sharmin
Dubai

Participate in Gulf News debates. Join the Facebook group 'Gulf News Debate'.