While economy (worsening is implicit) is such an over-talked topic that any headline with this word has become an eye-sore to me, it remains an inevitable truth. And as I settle back to a routine life, trying to catch up on past few months. There is no sign of a recovery in Western continents but the seemingly immune developing Asian countries are now following suit. In the recent past, I had been wondering how is the newly employed young generation in India coping with soaring prices and high cost of living. Till mid-2008, the Indians thought they had evaded the wave of recession but unfortunately not. The after effects of slowing down of West’s economy have impacted India directly in exports, FIIs etc and indirectly in tighter US policies for NRIs etc. The employment scenario isn’t rosy and there seems to be worse things coming that Indians are not prepared for. Not to mention the scary situation for Indians abroad who might be forced to return to their homeland mostly to find out that they are probably over-qualified for the available positions. The repercussions are innumerable and unfathomable. I am mostly interested in how the situation unfolds for India and China. An interesting read on the subject-

Asia’s two big beasts are shivering. India’s economy is weaker, but China’s leaders have more to fear

THE speed with which clouds of economic gloom and even despair have gathered over the global economy has been startling everywhere. But the change has been especially sudden in the world’s two most populous countries: China and India. Until quite recently, the world’s fastest-growing big economies both felt themselves largely immune from the contagion afflicting the rich world. Optimists even hoped that these huge emerging markets might provide the engines that could pull the world out of recession. Now some fear the reverse: that the global downturn is going to drag China and India down with it, bringing massive unemployment to two countries that are, for all their success, still poor—India is home to some two-fifths of the world’s malnourished children….

Full story here.