This year will go down in history as a rude wake-up call. Everybody learnt the meaning of the word recession, as markets crashed, unemployment spiralled and people stopped spending.
As the US faced its deepest recession since the 1930s, it recently emerged that Dubai is now so swamped in debt it is asking for a six-month reprieve to pay its bills.
Old rivalries were re-ignited, conflicts raged, the West/Arab divide showed no signs of abating, swine flu triggered off a pandemic, and world leaders failed to agree on a much-needed comprehensive plan of action to combat climate change.
Lehmann Brothers' collapse in 2008 was a precursor to the mess seen in 2009. As the public lost confidence in bankers, they hinged hopes on leaders like new US President Barack Obama but it was soon clear that nobody could resolve several years of greed.
Some would even argue that the breakdown of the past year or so was a necessary evil to prod us into realising we were living beyond our means. One day the bubble had to burst. And when it did, nobody was spared the impact, even a small country such as Malta.
The recession came upon us later than the other EU states, but there are clear signs it will tail off after most other European countries. Prime Minister Lawrence Gonzi recently said he expected the recession to lift in the second quarter of 2010.
Financial projections had to be temporarily shelved as the government embarked on a micro strategy of targeting specific companies and supporting their investment plans. The move seems to have paid off since unemployment was not the scourge which brought other countries to their knees. Likewise, a sound banking system in Malta meant confidence in our banks never waned, even if bankers overseas are being portrayed as the villains of the 21st century.
But despite the slowdown, short-sighted Maltese businessmen kept inflating prices across the board. Cue: people stopped spending. And if they did, they shopped online.
The hefty water and electricity rates that come into effect on January 1 could well be the fuel that will prolong the recession. Families and businesses have made enough sacrifices in the past two years, and on the eve of a new year the Maltese were hoping for some good news. Instead, in one fell swoop, and in another ill-timed decision, they were told they have to dig deeper into their pockets to pay for a most basic commodity - even if most have already heeded the warnings and cut down on waste.
A recent Eurobarometer survey not only demonstrated the bad mood of the Maltese but also showed we are finding it difficult to reconcile our long-held conviction that the future will always be better than the past.
The Maltese have become more demanding - and rightly so. They expect better environmental standards, they expect corruption to be tackled, and most importantly, they expect promises to be fulfilled.
The government has a major role to rekindle the feel-good feeling in 2010, but so do employers and trade unions. In Germany, wage growth was accompanied by productivity gains, and the country was among the first and few to register positive growth for the second quarter of the year.
We all have a duty to do our bit and support initiatives that weed out waste and abuse. Blaming the country's ills on everybody, or adopting the role of armchair critics will do nothing more than prolong the recession - and risk a repeat of 2009.