Nearly 200,000 jobs were cut in 2022; about 100,000+ were announced by global companies like Meta, Amazon Accenture Paypal, etc. Name the cause cost cutting, P n L revenue decline, problem in Ukraine.
It is certainly a cause for worry for many. Certainly this is a cure for inflation. Fed and Central Banks efforts have been paying off.
But this is a great difficulty for families for those who lost jobs No food on the table, no more shelter (as we see among slum dwellers in Europe) and in streets of LA even at Philadelphia.
It could trickle down to BPO companies in the Phil. The cost cutting can cut into the outsourcing by Western companies It means lesser jobs too for our OFWs. The 6 - 7% GDP growth forecast for Phil could be overly optimistic
Its not an event that will force despair or suicide. We need to think like entrepreneurs. We can pose solution to this negative event. We can think of new business, on how to cope up.
We need an entrepreneurial revolution to counter this global crisis
