Eye Opener
Economic recession
Is the Philippines affected by the world economic recession? Why are world economic nations like England, Germany, France, Spain, Italy, Saudi Arabia, and Scandeinavian leaders meeting in Davos for the economic forum concerning Europe's economy.
In the U.S. where recession is currently creeping its economy, Pres. George Bush made his last appearance in the joint mission of Congress and asked for 150 billion-dollar fund, the U.S. Economy may experience acute recession and may eventually lead to economic depression. The U.S. suffered its worst economic depression in the 1930s where unemployment was at its worst scenario, prices unreachable by the poor and business suffered tremendous loses. U.S. Pres. Franklin Delano Roosevelt instructed his treasurer to spend the remaining money left in the U.S. Treasury and built infrastructures like bridges, railways, irrigation dams, roads, etc. and soon thousands of Americans got employed, spent their money to buy economic goods and services. As a result, stores, establishments factories began to mushroom and the economy rose up to above level height and became the richest nation in the world during World War II and even up to Year 2000. The calamities that ensued even before Year 2000, the 9-11 tragic event in the American history, the Iraq and Afghanistan wars and other Middle East crises forced huge American spending and loss of lives contributed to the present situation.
What are the characteristics of recession? Slow down of commercial and industrial activity marked by decrease in employment, profits, production, prices and sales. Recession is less severe than depression, a period of such slackening usually a setback interrupting a recovery.
Will the OFWs abroad be affected by the world recession? Yes and no! If European economic powers immediately aid its ailing establishments, banks, factories, industries and channel its resources to these entities, then there will be no mass layoff and massive unemployment will be aborted. Rich oil nations will play a key role in the current economic recession. Should they continue to limit oil output in the market and prices remain high, then thousands of businesses will be affected.
Christians now seek the intervention of God who created heaven and earth. Unless the people turn their eyes to God Almighty, pray and turn from their wicked ways, God will heal their land. Practically all Pentecostal and Charismatic and Evangelical Christians in the U.S. and around the world are praying to God, God will hear their prayers. People should not look to the bigness of the problems, but look to the bigness of their God.