Financial crisis in the US, will it affect the prospective Filipino MDs who are planning to train in the US?
Posted 15 October 2008 - 11:39 PM
Posted 16 October 2008 - 06:58 AM
There is still shortage especially in rural areas. The problem is the difficulty in matching as there is no SUBSTANTIAL increase in number of residency spots (most are partially gov't funded through Medicare) and with future cuts in government spending, i doubt there will be an increase of residency in the near future. This means MORE applicants fighting for fewer slots. They usually target residency spots to be about 10% more than their US medical graduates, so everybody (IMGs) are fighting for that 10% (its even worse in Canada).
I'm one of those "wanna be's" who are courageous enough and ambitious enough to try to take the very costly, tedious and tough USMLE examination so that I can train and be an MD in the US. But, during my stay these past few days here in the country that was well known in the world to be the "land of opportunities", I'm beginning to question myself on whether my decision was right or not. The reason for this was that these past few days/ months, the US had been in a very bad shape. They had been in the financial crisis and most of the Filipino professionals I know who are working here are getting scared since there have been plenty of reports of laying out of workers and decreasing the workforce. Most of the companies here are failing and even the hospitals here are doing the same. Because of these situtations, I'm beginning to ask myself on the effect this will have to the prospective foreign workers in the US. Since there is an increase in the unemployment rate of locals, isn't it that their government will lower down the quota of hiring foreign workers in their country? so how about us, doctors? I know doctors are in demand everywhere. But I'm still afraid that the race to be matched and be hired to a certain training hospital (though it's already tough) will be much tougher in the coming months or even years. So, why take the exam? For me, maybe there's no way to go back since I've already paid for it. But for the others who are still planning to take it. Think twice, or even thrice. I'm not discouraging you but always remember that there are other countries out there which have a much better offer. And don't forget that we can all go back to our beloved country if all else fails. Anyway, we are doctors. And as I said, we are always in demand.
As for the economy, all recessions end, even the Great Depression ended sometime in the 1930's. This too will end but this is deeper than the usual recession and they will inflate their way out of it. Quality of life may never be the same but it will be the same all over the world (Philippines is not immune although we are used to it).
Posted 15 November 2008 - 11:49 PM
The US economy is very resilient. it will bounce back, they are just on the cleaning mode these days. You'll see. Good luck doctor!