Proofs of Recession Looming Large on IT?

Coronavirus scare is gripping the entire globe. At the time of writing this article, there are 20,64,815 confirmed cases and the contagious virus has claimed 1,37,078 lives so far. There is no business that is unaffected by as more than half of the World is confined to indoors during this crisis.

Experts are warning of a big recession looming large and Information Technology is also going to suffer big time. There are two instances already which indicates that Recession is imminent. Global IT Giant, Google reportedly slowed down its hiring for the remainder of the year amid this uncertainty.

In India, IT major, WIPRO is deferring annual increments and promotions scheduled for June for most of its employees as the company grapples with the uncertainty. It is also the case with most other IT companies in the country. One can just imagine the fate of small companies!

2020 is proving to be a disastrous year. During the Lockdown all the IT companies are having their employees Work from Home. Only a small percentage of the employees are going to the offices only if they are working on any banking or security-related project.