New Delhi: Amid fears of recession all over the world, companies are engaged in laying off their employees. After the announcement of the layoff of 3000 employees by the investment banking giant Morgan Stanley, another company has announced the layoff of employees. American IT company Cognizant said on Thursday (May 4, 2023) that it would lay off 3,500 of its employees due to shortfall in revenue.

Let us inform that, due to the apprehension of recession in the global labor market, for the last one and a half years, the companies have been doing continuous layoffs. Before this, social media companies Meta, Twitter, Google etc. have also fired thousands of their employees. However, there seems to be little fear of this perceived slowdown sounding among domestic companies in India. Many Indian companies are giving jobs to their employees indiscriminately. Let us tell you that, regarding the recession, Goldman Sachs said in March 2023 that there is a high probability of recession in the US in the next 12 months after the bankruptcy of Silicon Valley banks and its impact on the wider banking sector. Goldman analysts raised their forecast of a US recession from 25 percent to 35 percent in the next 12 months.

Notably, this Goldman Sachs forecast came after the devastation of tech-focused Silicon Valley Bank and crypto-focused Signature Bank. Amidst these apprehensions, a huge decline was recorded in the stock markets of the whole world, especially banking stocks, including America and Europe. In Europe, special apprehensions were being raised about this. However, the recessionary outlook in India is zero (0). At the same time, the rate of forecasting about the possibility of recession in European countries has been increased. A Twitter handle named World of Statistics has released data on the possibility of recession in different countries based on data from various agencies.

— World of Statistics (@stats_feed) May 2, 2023

In this data, the possibility of recession in India for the year 2023 has been expressed as 0 percent. At the same time, the country with the highest risk of recession is Britain. There the recession is estimated at 75 percent. At the same time, 70 percent recession has been predicted in New Zealand and 65 percent in America. Apart from this, Germany, Italy and Canada have a 60 percent chance of recession this year. Let us tell you that among the countries which have the least possibility of recession this year, India is at the top. Actually, with 0 percent there is no possibility of recession in India. After India, there is a possibility of 2 percent recession in Indonesia, 5 percent in Saudi Arabia, 12.5 percent in China, 15 percent in Brazil and 20 percent in Switzerland.

Why there is no fear of recession in India: -

Let us tell you that the International Monetary Fund (IMF) has informed in its latest data that the highest production in the world is going to happen in India in the year 2023. Accordingly, India's growth rate will be the highest. IMF in its recent report has estimated India's real GDP growth rate to be 5.9 percent. After this, China is at the second position with 5.2 percent. 

Among the top five countries in terms of growth rate, apart from India and China, the growth rate of Indonesia is expected to be 5 percent, Saudi Arabia 3.1 percent and Mexico 1.8 percent. Let us inform that, these are the some countries, where the least apprehension of recession has been expressed this year. However, Mexico is an exception, as Mexico has a recessionary probability rate of 27.5 percent and is ranked eighth among the countries with the least probability. The economic growth rate of Britain sitting on top of the list of most affected by the possibility of recession is in negative, i.e. -0.3 percent and Germany is expected to be -0.1 percent. Whereas, in the year 2023, the growth rate of South Africa is estimated to be 0.1 percent, France and Italy to be 0.7 percent. That's why they are at the top in terms of fears of recession.

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