Chief Minister of Delhi Arvind Kejriwal has appealed to the central government to take appropriate measures as many top IT firms are resorting to exemptions amid fears of recession. A large number of tech firms are laying off employees while the global economy has yet to recover from the pandemic that has wreaked havoc across the globe. “A large number of young people are being laid off in the IT sector. Central government needs to review the situation in India and take necessary steps,” Kejriwal said in a post in Hindi.
Several top firms, including Google and Meta — which owns Facebook — are laying off thousands of employees. Google parent Alphabet Inc is cutting about 12,000 jobs as it faces “a different economic reality,” news agency Reuters reported. Alphabet boss Sundar Pichai said last week that he took “full responsibility” for the decisions that led to the layoffs. Amazon and Microsoft are among other giants cutting jobs. Microsoft CEO Satya Nadella has been quoted as saying in reports that the layoffs will affect less than 5 percent of the total workforce and will end by March.
The reports also highlight how thousands of Indians
In its latest Global Economic Prospects report, the World Bank this month stressed that “high inflation, high interest rates, a decline in investment, and disruptions caused by Russia’s invasion of Ukraine Global growth is slowing rapidly.” “The global economy is expected to grow by 1.7 percent in 2023 and 2.7 percent in 2024. A sharp decline in growth is widely expected, with forecasts revised in 2023 for 95 percent of advanced economies and about 70 percent of of emerging market and developing economies,” he further highlighted.
By the end of 2024, according to the World Bank, GDP levels in emerging market and developing economies (EMDEs) will be around 6.
percent below expected levels at the time of the pandemic.
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