The GFC in 2008 was the start. Many EPCM companies have significantly reduced manpower to to remain fluid. Some of my friends were affected by the retrenchments back then. Then world economy rallied back to recover. Developed countries have poured in their money into the private sector to boost the economy. Australia have their stimulus fund, the US bailed out their car industry, the World Bank help Greece, Italy and Spain. Mutli-billion projects sprouted like mushrooms. Unemployment was reduced significantly. All I thought, the worst is over. It never came to my mind that another GFC will be happening again within 5 years.
This year, what happening is worst than in 2008. Back then, governments have money in their coffers to spent for redevelopment and recovery. This time, most of the governments are deficit on their budgets. They have spent too much after 2008 that it was very difficult for them to recover after that. This time unemployment is much higher. Retrencments happens every week that even those people who were not affected in 2008 were already shown the door out. The multi-billion engineering projects are almost complete. there are no signs of new ones coming up. Engineers and designers are now part of the herd going to dole offices.
A study has been conducted that the most in demand graduates are from medical and legal courses. Engineering – nowhere to be found in the top 10 choices. What is happening to engineering? One of my engineer friends was telling, I will not let my children study engineering. I will allow them to get into the same situation as I am. An older bloke who is also a remarkable engineer told me a fews days back, the worst will still to come in about two (2) years time. If that is the case, how do we Engineers ever survive another GFC?