Internationally Speaking

Preparing for the Global Economic Recovery: Are you Ready?

By Michael Kunka, Dicomm Media

Toronto– The concerted and coordinated effort of the international community to thwart an unnecessarily prolonged economic recession appears to be working. For the first time since the summer of 2008, global economic indicators suggest that a bottom has been found and that economic recovery is within sight. The pace of the recovery, though, is still uncertain.

The unprecedented policy action by global governments has led the International Monetary Fund (IMF) to upgrade its forecast for global economic growth. In its April report, the IMF anticipated a 1.9% increase in global economic growth for the next year. However, in its July report the IMF forecasts global growth to top 2.5%¹. The increase is significant given the severity of the global economic meltdown.

The IMF’s cautiously optimistic global economic growth forecast is corroborated by a July 10, 2009 report by the Organization for Economic Co-operation and Development (OECD). OECD composite leading indicators for May, 2009 points to tangible signs of improvement in the outlook of most OECD economies². “Potential recovery signals are emerging in Italy and France, with indications of troughs emerging in Canada, the United Kingdom, the United States, China and India. The trough signals are more tentative in Russia.” The presence of troughs suggests that the economies of the vast majority of OECD countries appear to have hit bottom and are at an economic turning point. On the whole, these tentative signals are bullish.

Though the metrics used by both the IMF and OECD are different, both confirm that the driving forces for next year’s growth will be China and India. With growth rates of 7.5% and 5.4% for 2009, respectively, their economies have merely expanded at a lesser rate, but are still expanding. Next year’s growth rates for each country will likely exceed 8.5% and 6.5%, respectively.

Most other major economies in the world will also experience growth in 2010. The US should see this year’s contraction of 2.6% turn into growth of 0.8%; Japan’s horrendous contraction of 6.0% is expected to grow 1.7%; and the UK will experience modest growth of 0.2%. The Euro zone as a whole will likely experience a minor contraction of 0.3% in 2010, however, this is a significant improvement over its 2009 contraction of 4.8%.

Although global economic indicators are turning optimistic, the world economy has still not fully recovered. Around the world jobless claims, though no longer rapidly growing, still remain high and continue to show no signs of dramatic improvement. Recently released jobless figures by both the US³ and Canada⁴ suggest that the pace of job losses has declined sharply from the free-fall of last winter and there are actual pockets of job growth.

In a recent survey commissioned by Cisco Systems, the company shows there is and will continue to be a global shortage of computer networking designers through 2011. The shortfall is expected to exceed 60,000 people⁵. Specialists in network security, wireless networks, wi-fi, and in dedicated voice roles will be in highest demand. With a burgeoning networking sector, Cisco sees the skills shortage as representing a real global challenge. Further, regardless of the state of the global economy Cisco clearly believes that designers of computer networks will remain gainfully employed.

Like Cisco Systems, jobfox.com believes that there are many international recession-proof occupations that members of the workforce should either seek or at least be cognizant of. According to jobfox.com during an economic recession most companies can be placed into either one of two groups: the kind that cut staff during an economic downturn and those that try to grow their way through the downturn. The list below identifies the types of occupations that thrive during a recession:

Sales/Business Development
Software Design and Development - Computer software engineers are expected to be among the fastest-growing occupations through 2016, according to the Department of Labor.
Nursing – Increasing demand due partly to aging baby-boomers and advances in medicine (patients are living longer as a result)
Accounting - Tax work, auditing, preparing company's quarterly reports and all of that still goes on, tough economy or not.
Accounting Staff
Networking and Systems Administrators – They design and maintain a company's communications systems, including shared computer files, e-mail, websites, teleconferencing and social networking. Once a network operator moves up the corporate ladder, he or she can work with company leaders to design a network that could potentially increase business. Demand is particularly high in emerging markets such as India, China and the Middle East. North American and Western European companies are also upgrading their networks in order to remain competitive.
Administrative Assistant
Business Analysis, Software Implementation
Business Analysis, Researcher
Finance Staff

Like many global leaders that are carefully navigating through the current recession and are positioning their nations for success post-recession, many in the labor market are preparing themselves to take advantage of the impending market turnaround. A tightening job market and the anxiety associated with it have motivated thousands of professionals to return to school to increase their skills or to get that degree they always wanted. For them, an online education provides them with the flexibility that enables them to more effectively manage their work, home responsibilities and study responsibilities. These professionals are ready to occupy positions as software designers and networking administrators, as health professionals and social workers, and as business executives and entrepreneurs.

Newsroom

Meritus University forms agreement with New Brunswick Community College

New Brunswick Community College, Meritus team up

Meritus University Announces Articulation Partnership with NBCC

More News