People all around the world are suffering from the economic crisis. It has been a huge problem and economists have predicted that the world is sinking into recession. There are a variety of causes of this problem. In my opinion, the main reason is that some investors led us to this severe situation be taking loans from financial institutions to fund their businesses. Then, when the financial bubble burst, they weren’t able to pay off their debts. Regardless of who is responsible, now we have a serious problem and it must be resolved. Some of the effects of the economic crisis are unemployment, depression, and the increase in crime.
From economic statistics, we realize that the strongest effect of the economic crisis is unemployment. At first, the problem was limited to a few countries; however, now it’s spreading to reach countries all around the world. Unemployment is considered to be worse for men because they are responsible for themselves and for their families. These circumstances put big pressure on men and make them wonder whether they will be able to feed their children and continue to live at the same level. In addition, economists are worried about the future because they’re expecting job losses to increase in the next few months. Also, because people nowadays are trying to save money, less money is being circulated in the economy, which is making the crisis worse.
Another thing worth talking about during this credit crunch is depression. This condition has increased among different classes of society, depression happens when people are hard on themselves and they feel that they are unable to overcome huge problems. This pressure leads them to become weak and depressed. Recently, we’ve heard about many people who committed suicide because of bankruptcy. Their fears for the future make them think that the sole solution is to run away from their responsibilities. This affects their families badly and is also considered a big problem in the world. Unfortunately, right now people are out of control and they aren’t strong enough to stop themselves from taking such severe actions.
We can also attribute the increase in crime, such as drug smuggling, shoplifting, and fraud to the economic crisis. Everyday we see and hear of hundreds of incidents on TV and in newspapers. These harsh actions plant fears in our hearts, especially after hearing that some gangsters call people at work and threaten to kill them if they don’t give them money. So, people realize that closing their businesses and staying home is better for them. Many other incidents are increasing like kidnapping and blackmail. Nowadays, it’s common to see in some stores people stealing food or drinks. They don’t look like they used to do that before, but the feelings of poverty and starvation are stronger that their beliefs.
We all admit that there is a grim economic situation, which has created an increase in unemployment, depression, and crime. However, some people are optimistic about the future and they expect an improvement in the economic crisis, but it still needs time. The sole solution is for citizens, companies, and governments to cooperate and come together to overcome this crisis.