Concetti Chiave
- The global economic crisis, which began around 2007-2008, had lasting effects, leading to social disadvantages and impacting government economic decisions worldwide.
- The crisis originated in the United States due to subprime mortgage insolvencies, causing a ripple effect that impacted international stock markets and created a credit and industrial crisis.
- The recession resulted in significant job losses, affecting people's self-respect and social identity, and potentially leading to social unrest.
- Personal experiences during the recession reflect widespread challenges; many young professionals faced high unemployment rates and decreased job vacancies despite their qualifications.
- Adapting to economic instability fostered personal growth and flexibility, leading to new career opportunities and a focus on skill development.
What is the impact of the global economic crisis?
The passed year 2012 will be remembered as one of the worse periods for world economy. Even if the recession started few years earlier, around 2007 and 2008, the effects have lasted for years till now, producing lots of social disadvantages and losses in government public economic choices.
All started in the United States with a financial recession due to sub primes which insolvency caused a real earthquake in the financial statement, that conduced the Lehman Brothers Bank to bankruptcy , and other well-known banks to the edge of failure too . So the financial crisis first turned into a credit crisis and then into an industrial one, and all these events had repercussions on people and governments around the world. International stock markets had heavy drops, banks stopped lending money and a general pessimism mood concerning economic recovery spread all over.
Personal Consequences of the Recession
All these facts bind together had remarkable consequences on the lives of common people who began to lose their jobs due to financial problems which caused the decline of industrial and commercial orders.
People consider their jobs as one of the most important part of their lives. It gives you self-respect and social identity. Losing a job leads a person to fall into a state of discouragement and if this condition propagates to an increasing number of people it could also trigger a social uprising. The global recession spread also in Italy having repercussions even in my life.
The story of my last years is similar to that of lots of young people living in my Country. After my degree in economics I attended an MBA master in marketing, then I had two six-months internship in both marketing and commercial fields. After completing my studies, I was ready to place myself on the market. I found it extremely hard , due to the world recession , everywhere unemployment rose while vacancies decreased.
Adaptation and Personal Growth
The impossibility of having stability and getting a good remunerated job has helped me to grow as a person and has also helped me to develop flexibility as a part of my character. Starting from this new and different way of being I tried to reach my personal and professional goals making different choices than I did before,
So in the past years I changed jobs and relocated to new cities always in seek of better opportunities . My life has surely been affected by the recession. I can affirm that, if on one side the efforts caused worries on the other hand they helped me to focus on what I had in terms of ability and appreciate people around me, to be stronger in complications, to guide my life in a continuous develop of my professional skills till reach my present job as accountant and labour consultant.
Domande da interrogazione
- What triggered the global economic crisis that began in 2007-2008?
- How did the financial crisis evolve and affect the global economy?
- What were the personal consequences of the recession for individuals?
- How did the recession influence personal growth and adaptation?
The global economic crisis was triggered by a financial recession in the United States due to subprime mortgage insolvencies, leading to the bankruptcy of Lehman Brothers and pushing other banks to the brink of failure.
The financial crisis evolved into a credit and industrial crisis, causing international stock market drops, halted bank lending, and widespread pessimism about economic recovery, impacting people and governments worldwide.
The recession led to job losses, affecting people's self-respect and social identity, and potentially triggering social unrest as unemployment rose and job vacancies decreased.
The recession forced individuals to develop flexibility and resilience, leading to personal growth and the pursuit of new opportunities, as exemplified by the narrator's journey to becoming an accountant and labor consultant.
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