"BRACE FOR WORSE"

misterdj wrote:

"BRACE FOR WORSE"
Ehd Villarta Jr
(SULYAPINOY Board of Publication Member)

We welcome the year 2009 with a sense of crisis,a sense that has held up Overseas Filipino Workers to a worse condition and entangles life. NPS-SSS bilateral agreement, abolishment of EPS accomodation and food, fluctuating currency rates, massive crackdown, abuses and violations by employer and the global economic meltdown, are some problems of year 2008 that worsen the life of OFW here in korea.

At the start of the New Year, Filipinos do not want to bring back the memory of these difficult times. They all want to put their pain and sufferings behind them in the Year of the Ox. But it is really hard to do so because the worst has yet to come. Pessimism still prevails over the economic outlook. In short, it is hard to anticipate a sudden reversal of the current woes.

These global economic turndown affects the filipino workers here in korea.Many of them losses their jobs while other lessen their working hours and has expressed difficulty in sending remittances back to their family in philippines..

Korea Economy Update
Last year was the worst year for South Korea since the 1997-98 Asian financial crisis. People had to bear the brunt of a global financial crisis and an economic slump.The country suffered a fast economic slowdown as the effects of the worldwide credit tsunami spilled over into the real economy.

Korean economy could be in greater difficulty and its performance could fall short of the goal the government set late last year, if the global economy worsens.

South Korea President Lee Myung-Bak has expressed apprehension that the country's economy could also "hit bottom in the first half", before it rebounds in the second half of the this year. "For the whole of 2009, we might achieve positive economic growth, but we might suffer an economic contraction in the first and second quarters." the president said.

Economic contraction is a phase of the business cycle in which the economy as a whole is in decline. More specifically, contraction occurs after the business cycle peaks, but before it becomes a trough. A contraction is said to occur when a country's real GDP has declined for two or more consecutive quarters.

Nevertheless, analyst said that Lee's comment carried by a pool report, reinforced views that authorities were likely to take further measures to help the rapidly slowing economy from slipping into its first recession since the 1997/1998 Asian crisis.

The economy ministry said that South Korea's economy was in an unprecedented crisis with domestic and overseas demand falling at the same time, but the government will strive to avert an annual decline in 2009 exports.

In this regard, theorist often say that South Koreans are good at coping with a crisis of any kind.The government has announced a series of measures, including expanded fiscal spending and additional tax cuts, to shore up the economy and has promised to implement more steps if necessary.

However, these favorable factors do not automatically offset the disproportionately gloomy elements. The domestic currency in 2009 is forecast to be 1,040 won per US dollar. An appreciation of the won will come from a shift to a current account surplus and narrowing net stock sales by foreign investors.

We are still hoping that year 2009 will not be worst as 2008, instead we have to pay the price for turning despair and frustration into hope and prosperity.