REPORT Essay Example | Topics and Well Written Essays - 2500 words

REPORT - Essay Example Whilst at the time the Market Oracle forecast was for growth for 2008 of between 1% and 1.3%. Now some 7 months into the year, and a series of adjustments later the mainstream forecasters are starting to come around to our forecast for 2008.† (Walayat, 2008) The above statistics clearly shows that the current crisis is more serious than anticipated. Even most of the expert economists were failed to predict the current crisis and hence most of the organizations could not take any precautionary measures to tackle it. ‘As per British chamber of commerce unemployment may cross more than 3 million as Britains manufacturers, retailers and service industries feel the full effects of the downturn. Most of the economists now think that the current recess may be worse than that happened in 1990s. The UK economy may be lessened by as much as 2.9%, which may result in the risk of deflation this year. (Inman, 2009) Real estate sector is one of the most affected areas in Britain also like most of the other countries because of the current crisis. The house prices have almost reached an all time low in the recent past. Archer predicted house prices would fall another 15%, while Capital Economics said it could be as much as 20% as the cost of the average home headed for a 50% fall from its peak in the summer of 2007. (Inman, 2009) Most of the organizations are now searching for organizational strategies and change management theories to survive during these dipping economic period. They are now studying the external environment, analyzing their organization’s competitive advantages, implementing new strategies, changing the existing management styles, studying organizational culture and efficiency to counter the problems caused by the current recession. The famous British economist, Herbert Spencer, who first coined the phrase ‘survival of the fittest’ to summarize Darwin’s revolutionary