Are we heading towards recession and how it can impact the industry?

As recession is approaching in US that might hit various parts of world or even come in mutiple waves in 2022. But recent developments doesn't indicates to severe recession, experts indicate it might have mild effect on US economy by end of year.

Australia is unlikely get the taste of recession as unemployement rates are lower this year as compared to pre-pendemic measures especially markets are underemployed. So, demand is pretty high as compared to skilled workforce. Companies are struglling to get people onboard to fulfil the demand. Some of the multi national companies are turning to their overseas workforce pool to take care of their workforce demand in Australia. But at the same time they struggle with Austrlia's lenghty visa processing backlogs.

Australian markets are under the threat of inflation more than anything at the moment, which is caused by many reasons such as rising cost of fuel, shortage of supplies and delays in supplychain is causing much damage to economy than anything else.

IT industry is less likely to be impacted by recession blues as IT work demand all over the world has risen by almost 70% in past 2 years thanks to covid-19. As even small business have turned to go online to match the covid-19 new requirements to stay in business. Notebly, they are getting more bsuiness while going online than conventional styles. So, governments might need to come up with some legislations to empower the online industry which can removes any chances of recession to shadow Australian Markets.