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 think the global economy is going into recession. Major global economies, such as Germany, Japan etc., went into recession this year and the chances are that many other countries will follow suit. The other reason might be that companies are laying off employees because they are looking to cut their expenses and increase profit. They might prefer quality over quantity. With China's economic slowdown and news about the NATO-Russia war (probably a bluff), things can go south in the coming months.