Economic slowdown raising concerns

A report says, 50% of companies expect operational data to grow by 15% or more over next 12 months. At the same time, the layoff news is making tech workers across several industries feel skittish, especially those in e-commerce, real estate and businesses tied closely to the stock market, which saw a boom during Covid recovery in 2021 but massive volatility in today’s #economy.

We can’t deny the fact that there could be a 20-30% Productivity gain achieved through #digitalcollaboration. In line with global trends, growth in job openings at Big Tech companies like Facebook, Apple, Amazon, Microsoft, Netflix, Google has steadily slowed reflecting a larger economic slowdown. While most of the layoff news has come from tech companies, the mortgage industry, too, has been slashing away as higher interest rates crush mortgage volume.

Secondly, the continuing effects of Covid-19 around the world have dampened the outlook for the rest of the year. Venture capitalists are warning their portfolio companies to prepare for darker times, and some start-ups are laying people off or closing shops.

#MarkZuckerberg, CEO of Meta Platforms, has said the social media company will cut back on fresh hiring. Sundar Pichai, CEO of Alphabet, the parent of Google, said it will go slow on hiring for the rest of the year. Apple and Microsoft are following suit. Netflix has seen multiple rounds of layoffs after it reported a subscriber loss in Q1.

With the value of bitcoin, ethereum and other popular currencies dropping sharply, startups in the risky cryptocurrency space are at the forefront of layoffs. But the tech downturn is broad — the Nasdaq composite index has lost 30% of its value since January, it shows the biggest drop in the tech-heavy stock index.

Many technology startups that saw tremendous growth in 2020, particularly in the real estate, financial and delivery sectors, are beginning to see a slowdown in users," An expert says. There

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