While the current meltdown in Global Markets and economies rages on, China and Brazil may be the countries most likely to lead us into the first stages of recovery. A 100 million migrant workers facing debt, despair and hunger pray for an early end to this current economic crisis.
•Brazil, with its strong trade surplus and vigorus growth performance in industrial goods will see a higher return as demand increases from traditional markets in the U.S. and Europe.
•China continues to have an insatiable appetite for foreign goods, including industrial raw materials, luxury goods and agricultural produce.
•China’s economic growth is still pegged at approximately 7 per cent and expecting a huge investment package from the central government, local governments and non-governmental sectors.
Human rights groups say many of the world’s estimated 100 million migrant workers are in dire predicaments, as economic woes in the Gulf, Singapore and Taiwan has lead to mass layoffs of labourers from countries such as Bangladesh, China, India, Pakistan, the Philippines and Sri Lanka.
Layoffs of these migrant workers may raise unemployment and poverty in their homeland countries, as they return without jobs and owing much debt. The home countries of these returning refugees will no longer be receiving money once sent home when migrants were working, and was estimated at $283 billion globally. This huge amount of money was the livelihood of millions in developing countries around the world.
I guess the message here is, prior to the economic crisis situation we are facing, many of us in countries of much wealth and prosperity were living the good life. Those that lost their employment and subsequently feared losing their homes suffered a very dramatic experience. Losing ones vehicle and or watching portfolios with 401(k) or RRSP mutual fund investments take a significant drop in value, although annoying, is not the end of the world.
Thinking about it, most of us fail to realize how good we actually have it. The millions of exploited migrant workers that were working globally, and away from their native land, merely surviving and helping their families and homeland economies, probably have never heard the words 401(k) or mutual fund wealth.
…..Doug T – mutualfundwealth
