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.
Looking at the current world situation, a recession will definitely occur. War and conflict are the main causes of the world economic recession because they disrupt economic cooperation between countries/regions. Smooth trade means a smooth economy. Trade stopped, the economy also stopped. Where do you want to get money from if you don't buy and sell goods or services? So this is where a recession will occur and of course it will have an impact on more layoffs.
The pandemic several years ago has taught us to live frugally. During this time, many people live glamorously and compete with each other for prestige. For those who have been laid off, we need to go out in the morning looking for business inspiration, considering that business is really needed by the community. Apart from that, the pandemic conditions several years ago taught us that one income is not enough, we have to have a side business so we can invest. So now if you work, you should try to save and invest to face a recession because we don't know what will happen in the future.