Economy is struggling.
Jobs are vanishing.
Fresh college graduates have nowhere to go: defer graduation, accept any employment (unpaid temporary positions) or use a consultant to keep the visa status afloat.
In not so popular fields, students have always gone for unpaid internships in dream of converting them to full-time. But the phenomenon is now spreading to highly coveted programs including MBAs. Not only has the placement rate been adversely affected in the last 2 years but also students looking to intern are restricted to the few offering unpaid positions.
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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
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Comfort, performance, reliability – you’ll be amazed at what you can get when you go economy.

Full story here at CNN Money.

And while everyone wants to drive the sexy Z4s, who has the money these days?