Global Financial Crisis Affects International Labor Market

by Nomadicasian for Rus in Urbe    November 29, 2008

After the US was hit by cold, the rest of the world got sick. And that is what happening now. All sectors were affected by the financial crisis and one of them is the international labor market. Many people from the third world countries are part of that market which has been the source of their income as labor migrants in the first world.

According to news reports, the worst hit is the manufacturing sectors and the crewing jobs especially in cruise ship sector. The economic crunch would make it hard for people to travel and instead tighten their belt and just stay home for good. As a result, demands on seafarers were randomly affected.

Export manufacturers were also hard hit because demands were not as robust since the world was torpedoed by the financial crisis which emanated in the US mainland. And so the world is hoping that, perhaps, US President-elect Barack Hussein Obama and his select economic team would be able to make an antidote to heal the ailing US economy in particular and the world’s economy in general.

This work is licensed under a Creative Commons Attribution 3.0 License.

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