The cumulative effect produced when one event sets off a chain of similar events is called as a domino effect. We are going to witness another financial domino effect on a global scale. There are 3 kinds of domino effects viz., social-political, economic and financial. As each day goes by, the global policy makers are becoming increasingly hostage to markets. The next economic crisis looms large on the world.
What does the crisis mean for businesses, employees and a common person? The large scale enterprises might get the government support to keep the jobs of employees. We will be seeing a lot of mergers and the process has already begun in the banking sector. The small and medium scale sector will be the most affected and might go out of business sooner than expected. The common people might see the effects on several accounts be it the spending power, consumption of goods will go down etc.
How to be prepared? The people working in companies, if it is the only source of income you have then reduce your spending, increase your savings, have a back-up plan in place, be mentally prepared to face any kind of situation that may arise. The job seekers start working on ideas, turn your thoughts into actions, convert your hobby into a business idea, the time is now!
