Edward Tsang; updated 2011.01.01
Many governments have been telling their people that they are on the road to economic recovery. Whether that is true is debatable, but no politician can deny is that ordinary people are suffering from the rise in prices. With global economic difficulties, unemployment will spread, unfortunately.
Soaring pricing:
The world is facing serious challenges.
According to The Economist (1 January 2011 issue),
the price of food has risen by 30% from 12 months ago.
This is alarming as it hits the poor directly.
Non-food agricultural commodities rose by 83%!
Overall, commodity prices rose by 34%.
No doubt the world's attention next year will be on resources, especially agriculture.
Climate change probably won’t help.
Britain threatened by double-dip recession:
With unemployment at 7.9% (October 2010 statistics),
low growth, government cut-back and increasing inflation, UK appears to be heading towards a double dip recession.
High unemployment:
According to The Economist, both US and China have nearly 10% unemployment.
The economically troubled countries Spain and Greece have unemployment rates of 21% and 13%, respectively.
A substantial of anguish will be building up in these countries.
Spreading pain: [End]
Spending in US and Europe are likely to fall.
This is going to affect the exporting countries.
When expport falls, it is always the workers who are hit hardest.
Unemployment will spread, unfortunately.
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