Will the IMF’s prediction come true now? Control of this trigger of destruction will be in the hands of America.

Photo: File Will the IMF’s prediction come true now?

IMF Prediction about Recession: Companies in the US cut 77,770 jobs in February as compared to 1,02,943 in January, while IT companies continue to lead the race for layoffs, with IT companies cutting 21,387 jobs last month, which is 28 percent of the total cut. Is. Its effect is now slowly being seen in the market as well. Last week, after the bankruptcy of Silicon Valley Bank, the worldwide market has declined. Tremendous losses have also been seen in the Indian market. The tech industry saw a total of 63,216 layoffs, up 33,705 percent from the 187 layoffs announced in the same period last year, according to executive outplacement firm Challenger Gray & Christmas. The sector has announced to cut 35 percent of all jobs in 2023.

The head of the Federal Deposit Insurance Corporation has given a warning

The head of the Federal Deposit Insurance Corporation has warned that banks across the US are sitting on ‘unrealized losses’ of $620 billion. This is an asset that has reduced in value but has not yet been sold. The Daily Mail reported that news of the worrying shortage comes amid the closure of the Silicon Valley bank. This is the biggest decline since Washington Mutual in 2008. As the government struggles to contain it, the Federal Reserve announced on Sunday night that all depositors would get their money back.

layoffs still going on

Right now there is a huge reduction in the IT field. Retail and financials are also making cuts now, as consumer spending matches economic conditions. In addition, the report noted that the health care/products sector, which includes hospitals and health care product manufacturers, announced the second largest number of cutbacks in February with 9,749, taking the total cut this year to 16,482. Retailers have announced 17,456 job cuts so far in 2023, which is 2,194 percent higher than the 761 job cuts announced in the sector during the same period in 2022. Financial firms cut 17,235 cuts, 1,401 per cent more than the 1,148 cuts announced in January and February last year.

The report mentions that in the first two months of the year, fintechs have announced 4,675 layoffs, accounting for 45 percent of the 10,476 layoffs in the industry in 2022. So far in 2023, the media industry has announced plans to cut 9,738 jobs, a 158 percent increase from the 3,774 cuts announced in the sector last year.

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