During the 4th quarter of 2012, IMF and 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.