Rusty sure looks worried - I would be too if I see the cost of my kibbles and treats are going up...CNN seems to be using this word very often these days - the dreaded "R" word which folks in the financial world have been trying to avoid for some months now.
Well, the world's 2nd largest economy has shrunk again in results for another quarter, and that means, it's technically in RECESSION.
We all knew that the big "boom" period would not last forever. What goes up, must eventually come down.
However, judging from the BIG crowd at the shopping malls, I don't think the Recession reality has hit our local Malaysian consumers. Sure, they noticed that price of goods are going up despite price of petrol going down. But, do they understand why?
I've explained to a colleague last night that the price of food is not just dependent on petrol alone. Many other factors are also included such as the price of animal feed which uses grains such as corn, has been scarce due to an increase of production for bio-fuel usage as well as environmental factors such as drought or global warming effects which has affected crops. Indirectly, these factors has attributed to the price of food.
Of late, I've also noticed that a lot of companies in whichever sector has been pushing hard to close deals/sales, initiated committed projects with clients and tried to forecast the future; in anticipation of getting enough monies to "ride this storm out".
It's the same with my company as well where the boss has been EXTRA PUSHY to get us to close deals with clients who are already quite hesitant to commit to anything. I'm very afraid that with TOO MUCH "CLIENT BULLYING", we just might lose the client. It's good to be persistent but not to the point of irritating the client.
Anyway, have you started to cut back spending or are you still oblivious to the economic turmoil around us?
Well, the world's 2nd largest economy has shrunk again in results for another quarter, and that means, it's technically in RECESSION.
We all knew that the big "boom" period would not last forever. What goes up, must eventually come down.
However, judging from the BIG crowd at the shopping malls, I don't think the Recession reality has hit our local Malaysian consumers. Sure, they noticed that price of goods are going up despite price of petrol going down. But, do they understand why?
I've explained to a colleague last night that the price of food is not just dependent on petrol alone. Many other factors are also included such as the price of animal feed which uses grains such as corn, has been scarce due to an increase of production for bio-fuel usage as well as environmental factors such as drought or global warming effects which has affected crops. Indirectly, these factors has attributed to the price of food.
Of late, I've also noticed that a lot of companies in whichever sector has been pushing hard to close deals/sales, initiated committed projects with clients and tried to forecast the future; in anticipation of getting enough monies to "ride this storm out".
It's the same with my company as well where the boss has been EXTRA PUSHY to get us to close deals with clients who are already quite hesitant to commit to anything. I'm very afraid that with TOO MUCH "CLIENT BULLYING", we just might lose the client. It's good to be persistent but not to the point of irritating the client.
Anyway, have you started to cut back spending or are you still oblivious to the economic turmoil around us?
I shop less now. Only shop when I really need to. Buy my mom aiyoo... must shop and must eat outside.
ReplyDeletep/s: nice pict of Rusty... like pro lah. :)
The recession during year 1997/1998 is still recovering and yet 2008 another recession came. People should start reconsider their business style and analyze their problem instead of expending their business again.
ReplyDeleteHi Che-Cheh, Maria,
ReplyDeleteChe-cheh - I also seem to shop less too. If I want to get anything, I will need to justify for it. As for eating out, I don't really skimp but want to try out some old "haunts" like those at the 5-foot-way. :-)
Maria - Yeah, the 10-year recession is back again... :-( I think it's time to evaluate the financial system. Some US senators want to further deregulate the system which will cause more harm than good!
My company cut down people already. I newly join in one. Afraid I kena actually. Wait and see la..
ReplyDeletePersonally, I shop less already. I stay at home most of the time. No movie only internet at home and go for gym center.
Actually, really want to find new job one.. but eco so bad now, better think twice...
Hi keeyit,
ReplyDeleteIt's a pity that companies have to cut down on staff. I'd guess we just have to do our very best.
The funny part is that some sectors in IT in Malaysia are seeing an increase in job openings as more work are off-shored from US/Europe to Malaysia...
We'll just have to hang on...
I shop less and generally spend less. But still going for those expensive buffets!! Must control myself, Must control myself, Must control myself... LOL
ReplyDeleteHi Foong,
ReplyDeleteIts very hard to stay away from those lovely buffet, right? :-)