People might be aware that some of the esteemed and largest organisations are laying off their employees left right and centre, are we heading into recession? Because I have seen my colleagues getting laid off and it's been months they are unable to find a job. Either we are heading towards recession or globally companies overhired the employees post COVID hence clearing the additional manpower. I am bit convinced that it's like recession sort of thing and not sure to over hiring. Share your thoughts on this crisis which has left a good amount of people without any work.
I don't know, but what if it's a local economic phenomenon and not a global recession? I expected a recession in 2020-2021, but that didn't happen. 2022 was very challenging, primarily because of Russia's invasion of Ukraine and the sanctions that followed it, but even that wasn't a recession. Then I feel like 2023 was a year of recovery, and according to the
World Economic Forum, the risk of global recession in 2024 is lower (than it was in the years before, I suppose). Growth is expected, even though some projections are for less growth than in the past.