Global Recession, in the context of an Expat in the GCC

Scroll down for a recap from Forbes of the recession from a global perspective, for 'laymen' like me.

Amazing... this is the first global recession ever and, there are still people in denial or people in panic, not knowing what to do. There is nothing to do, except make hard decisions. Many business owners (particularly expats) in the GCC (where there has never been a real recession) are practicing the same styles of crisis management they learned during the two Gulf wars. They don't have a clue nor know how to assess the fact that this time, it's entirely different. The public and government owned corporations are far ahead since they have qualified advisors 24/7. I know this first hand! Thank God I worked in Malaysia prior to this, a reasonably open, liberal economy since independence, that took me through two recessions.

The amazing thing is, places like Dubai, where many expats made many billions through all means, now have expats who are whining... from employees to business leaders... they don't seem to get the picture... do they expect their host countries to bail them out when the going gets tough for the first time? The key is, these
expats all know their home/origin countries will ignore them completely if they choose to return. So they stick on... or migrate to Canada, Australia, New Zealand... and then discover things are not very different... except the right to continue blaming, freely, their previous host countries for all their failures...

A Global Breakdown Of The Recession In 2009
Forecasting pain, from the U.S. to Australia.
By Nouriel Roubini

http://www.forbes.com/2009/01/14/global-recession-2009-oped-cx_nr_0115roubini.html?partner=email