Coping with the global economic slowdown (again)

During the 4th quarter of 2012, IMF and OECD both predicted global economic slowdown. Advanced economies still have problems with unemployment. Emerging economies like Brazil, India and China will be better off.

The effect of these predictions were felt after a month or so. Major EPCM companies have started retrenching people. Design works are moving offshore to become more competitive to the detriment of locals. I know some people who have been jobless for few months now.

Coping with the economic slowdown at this time is much easier this time than in 2008 to 2009 as not all industries are affected. The mining industry is truly slowing down but Oil & Gas is still on the rise. The only issue is, there will be more people looking for work than work available for job seekers. One friend told me that in one of his applications, he was short-listed...but...there were 26 of them for a single job opening. When the world economy will pickup again, nobody knows.

About the Author

Ver Pangonilo
A Filipino Engineer, Registered Professional Engineer of Queensland (RPEQ) - Australia and Professional Electrical Engineer (PEE) - Philippines with extensive experience in concept select, front-end engineering, HV & LV detail design, construction and commissioning of Hazardous and Non-Hazardous Area electrical installations in water and waste water pipeline and pumping facilities, offshore platforms, hydrocarbon process plants and pipelines including related facilities. Hazardous area classification and design certification (UEENEEM015B, UEENEEM016B, UEENEEM017B).
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