With the US economy still in a funk and the opportunities for jobs looking scarcer than ever, many have started thinking that the only option is to throw caution into the wind, set sail and look for better opportunities beyond the border.
If you too have reached that conclusion and are considering taking your talents overseas, think again. Or at least carefully weigh the options: there are places out there in worse shape than the US – and not only Greece.
Iceland
Iceland holds the record of being the first country to lose it big to the financial crisis. At the break of October 2008 the Nordic country had already been hit hard by recession, a complete shock to an economy that, a mere year earlier, was considered one of the healthiest in the world.
The situation only worsened over time, leading to another Icelandic record: being the first government to resign due to the crisis.
The promise of hot springs and midnight sun still looks appealing? Take into account that, with their airlines going bankrupt, even getting there might turn into an odyssey.
Venezuela
Nobody is immune to the crisis, not even oil-fueled powers. In spite of President Hugo Chavez’s enthusiastic plans, Venezuela has not remained untouched by the economic bubble.
With drops in the price of oil, the South American giant is facing serious problems: the economic growth has slowed down to less than 3% a year and the country’s national debt is even bigger than Greece’s.
One of the main reasons why Venezuela has been affected by recession is that it is dependent on the US. Since America is the main buyer of Venezuelan oil, a decrease in oil imports means big losses for the South American country.
Numbers don’t lie, whether Chavez is willing to admit it or not.
India
For the past decade, India has been making headlines with its economy growth, rightfully branding itself as an emerging giant along with Brazil, Russia and China.
There are mixed reports about the effect of the crisis in the Asian country, from the feel-good, no-reason-to-worry statements from official sources, to the more cautious international approach. Recession might have not been as merciless with India than with, well, the rest of the world, but the country is seeing their poverty rates rocketing and the rupee has reached it lowest point in five years.
Once again, no one is immune.
Australia
Australia has somehow made it through fairly steadily, and is still considered by some sources the country least touched by the global crisis.
Nevertheless, they have had their fair share of financial turmoil and it might bring problems for Australian wannabes. Higher unemployment rates have led to a cut in the number of immigrant visas granted, housing has never been as expensive as it is now and, worst of it all, the crisis has affected the Australian way of life in ways they never expected. Oh well, at least the sunshine and glorious beaches are (as of now) free.
Still considering fleeing off-shore? Not all is lost. Apparently there are some places hanging in there, or even thriving. Good luck, and remember to bring a translated copy of your resume.