How Bad is the World Economy, Really?

Only today I was having a conversation with some of my colleagues about the financial crisis. As you may know some of the financial centres world wide are starting to feel the pressure of the recent economic downturn. I can say that it is being felt in the Caribbean where I currently reside in every single sector of the economy. You don't have to be an economist to figure out that something is happening with the world economy.

I think that world leaders should convene and disclose the true impact the world economic crisis is having on places particularly countries that were already considered "third world countries" or least wealthy. We get daily news about the US economy but what about other countries? How are they being affected? Why can't we hear what is happening elsewhere?

One thing weighing on my mind is how bad is it, really? Are world leaders telling us the truth? I think a lot of people are beginning to think that we are all being held hostage because of the demise of one major economic power. My view is that we cannot allow one economic power to have such control that the rest of the world suffers.

Saying it's bad daily cannot solve the current economic problem. I was pleasantly surprised that some companies in the US are starting to take charge e.g Intel plans to build at home thereby increasing employment and US Airways plans to bring jobs back home. This is just a drop in the bucket but it can be done elsewhere too. I strongly encourage other organisations to lead by example.