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.
Even before Covid, the crisis increased unemployment which was already quite high, then after Covid it hit even worse. In almost all the areas I visited, they have now lost their livelihoods, including employees, street vendors and also shops. This increase is also added to by the migration of shopping places from offline to online. I admit that the process is very faster than usual, online shopping activity has become even more massive during Covid. Not a few grocery stores have gone bankrupt due to being unable to compete with prices made cheap by imported goods and then marketed in online shops blindly. This also encourages the government to evaluate foreign products so as not to flood the market and result in local products being marginalized.
Unemployment after Covid has really caused great concern, especially for the lower middle class who only depend on economic turnover in the field sector. Employees who have to be laid off are now finding it increasingly difficult to get job vacancies back because they have different skill demands. In my opinion, this crisis will continue where there is a large migration of large companies that have transferred labor functions to machines and robots.