Dubai's melting economy

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Frightening. Many of them emigrated from India for better job opportunity. Now coming back to India where job scene isn't great too.
Wonder how they will pay emi for the apartments and holiday homes they bought in India while working in Dubai.
 
More frightening is the IT scenario in India. The hiring process is done through consultancy now. Like in US if there is no Project only a small retainer fee is paid as salary until another Project is found. Hiring from big companies are done for niche skills now.
 
The next economic crisis/meltdown will dwarf '08 in comparison. Although i think this time the US will insulate themselves to a certain extent. Smaller economies will be decimated.
 
last time india weathered the storm pretty well. i've heard some people say it was because of the real estate market and all the black money it generated which was circulating in the system. i don't know enough economics to accurately analyse if that was true. but i'm pretty sure we're not gonna be that lucky the next time. not just us but all similar developing nations. the biggies will escape relatively unscathed.
 
Julian said:
last time india weathered the storm pretty well. i've heard some people say it was because of the real estate market and all the black money it generated which was circulating in the system. i don't know enough economics to accurately analyse if that was true. but i'm pretty sure we're not gonna be that lucky the next time. not just us but all similar developing nations. the biggies will escape relatively unscathed.
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And 50% increase in the Swiss bank accounts from India compared to last year
 
Dubai economy is highly depended on the price of oil. As we could see during recent years the crisis in the oil sector had made many world oil companies to go bankrupt. I think that such negative development left some mark also on Dubai economy
 
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