The New Nation - Internet Edition

AP, Sydney

Amid the jubilation and celebration of New Year's Eve, another feeling is present for many as a decidedly rocky 2008 comes to a close: relief.

Randolph King, 63, of York, England, tried to forget his retirement fund losses as he sat on a hill overlooking Sydney Harbor, awaiting the city's annual New Year's fireworks display. "I'm looking forward to 2009 - because it can't get much worse," he said.

Facing the end of a year that saw global markets come crashing down - taking the world's morale with them - partygoers everywhere struggled to forget their troubles on what is typically a joyous night. In the Philippines, President Gloria Macapagal Arroyo spoke of hope for better days to come, while in Hong Kong, some admitted they were too depressed over their monetary woes to join in the revelry.

And in Malaysia, the government - mindful of the shaky economy - opted against sponsoring any celebration at all.

"The best way to welcome the new year is to offer prayers according to one's faith and belief," said Unity, Culture, Arts and Heritage Minister Shafie Apdal.

In Sydney - the first major city to ring in the new year - organizers were hoping the $4 million (6 million Australian dollar) New Year's festival would offer revelers a brief respite from the global gloom.

"There's so much misery around," fireworks director Fortunato Foti said. "If we can get people to forget all that and think just about the fireworks for 15 to 20 minutes, we will have done our job."