The Global economic crisis of 2008 has started to affect all living in this earth. On the macro level several countries in Europe are in recession, USA industries are fighting to survive, Japan in recession, layoffs and jobcuts are happening in all industries. The forecast is gloomy and likely to remain until 1st quarter of 2009. Singapore, Korea, Taiwan exports has been affected largely due to the economic slowdown. China is also facing the heat now as exports has slowed down. Here is the full story.
The ripple effect is seen in the shipping industry. The freight rates ex Asia to Europe/USA is steadily falling down due to mismatch of demand and supply. The supply is more and the demand has fallen down considerably ex Asia.
On the brighter side IT companies of India are eyeing to cash in on this crisis. They are on look out for acquisitions of European companies. They could get better deal and close in fast on acquisition when there is a recession in the buying country.