Global Recession 2023
According to the leading economic research organisations, the world is going to face a global recession by the year 2023. The upcoming uncertainty around the global recession makes one wonder about the jobs that will stay unaffected by it. Young people entering the workforce are using their resources to develop recession-proof skills to shine in their respective careers. There are various sectors that do not get affected by the recession. The growth rate in these sectors does not decrease. Some of the sectors that will remain unaffected by the global recession 2023 are:-
1. Medical and Healthcare
Our physical and mental healthcare does not care about what is going on with the economy. It is certain that in a global recession, the healthcare industry does not get affected. For instance, in times like COVID Pandemic – healthcare and wellbeing industry benefited the most while the other industries lagged behind. This industry offers the maximum job security to the workforce. In India, this industry contributes 5% to the GDP and is expected to rise at 22.87% in the following years.
The education industry is one such industry that stays intact no matter how much the economy is affected. The education sector experiences a boost as many people return to schools and colleges to continue their education. Nowadays, open and distance learning has also emerged drastically. By 2025, the distance education industry is expected to rise by 2.28 Billion USD.
3. Public Utility
Workers in the utility sector enjoy a certain amount of job security even in the time of recession. The utility sector consists of electricity, water, internet services and waste management and these services are still required by the people even when the economy is in recession.
4. Credit and Debt Management Counsellors
Credit and Debt management becomes important especially during recession. People consult counsellors for smart management of their finances. Services of management counsellors are in great demand during the time of global recession. The industry can experience considerable growth during the period of global economic stagnation.
5. Consumer Packaged Goods Services
The consumer and packaged goods industry is the staple of any consumer. Especially the consumers that are young in age as they tend to become more reliant on packaged goods. The packaged goods are usually staple items and people will buy these goods and items even at the time of economic slowdown. This is usually the reason why this sector is not bound to really face the repercussions of the global recession. People working in this industry will not be influenced by recession. In Fact, in the year 2020, that too during the pandemic, the industry experienced a growth rate from 108.1% to 108.8%.
The IT Industry and the Global Recession
In the year 2020-21, the IT industry saw an exponential growth of 12%. According to the World Bank, 2023 will witness an increase in global inflation rate by 5%. As the world will be facing the global economic slowdown in 2023, the jobs in the IT sector are considered to be least affected by the recession. The reason for believing such an effect on the IT industry is the recent drop in the attrition of the Indian softtech-giant Infosys by 27.1%. Due to our increasing reliance on digital means for daily functions, the IT industry is experiencing a boom holistically. The big IT firms like Infosys, TCS and Wipro have bagged great deals with international enterprises. According to Kotak Institutional Equities, ‘ Tech spending continues to be a vital area of focus as banks and financial services firms are in the early stages or in the midst of a tech upgrade journey.’
The growth in the Information Technology sector can be attributed to the COVID-19 pandemic as most of the workspaces went digital. The IT industry saw a boom in the years 2020 and 2021. The pandemic compelled people to develop recession-proof skills like communication, Remote Project Management and flexibility. It was believed that after the pandemic, our reliance on IT services will decrease, however, the recent statistics point to the opposite. According to the Bureau of Labour Statistics, tech-related jobs are all set to grow in the next decade. Within the IT industry, there are certain job profiles that are considered to be recession-proof as well as highly rewarding at the times of global recession.
Top 5 Recession-Proof Job Profiles in the Management Industry
1. Finance Manager
During the recession period, it is wise to keep your finances in order. Hence, people prefer to consult experts and it is when a financial manager steps in. The day to day responsibility of a financial manager is to supervise the finances of an organisation (or an individual), keep an eye on the cash flow and help them to sail their boat during tough times. Financial management is also the most opted specialisation in management education. Hence, it is indeed one of the safest job options.
2. International Business Manager
International Business Management is a booming career. It is among those professions that see a significant expansion. An International Business Manager deals with networking, collaborating in the international market and establishing the brand in the global market. With the rise of digitisation, international business has been given a new turn. Social Media and online PR Campaigns are an accelerator for the same.
3. Hospitality Management
Hospitality Management is definitely here to stay. Hospital and medical services will run despite the global slowdown. Healthcare sector is considered to be unaffected by any increase or decrease in the economy of the world. Hence, it can be concluded that a job in this sector, despite the level, will be helpful in the long run.
4. Digital Marketing Manager
Studies have shown that in the present scenario, digital marketing is ranked as the number 1 job. More than half of customers find businesses through the news feeds of social media sites. Instagram can help businesses interact with over a million clients, furthermore, Facebook is used by more than 9 million companies to reach out to consumers. If used properly, these platforms can help businesses grow tremendously. Therefore, it will not be wrong to say that digital marketing will contribute significantly to the GDP.
5. Operations Manager
Operations Management deals with project management, team management and formulating strategy for smoothing running of any organisation. An operations manager is considered as an all rounder job profile, whether a person is operating in an in-person mode or an online mode.
Here are some of the Worst Jobs for Recession 2023
1. Casino Workers
Casinos are usually the hardest-hit during a global recession. Even if the gambling processes turn towards digitisation, the workers at the casino will continue to suffer due to lack of people at the actual casino.
2. Human Resource Professionals
As recession leads to cutting-down of the jobs, companies discontinue the hiring processes. This leads to the direct impact on the Human Resources. The HR professionals usually go jobless and are worse-hit during the global recession.
3. Leisure Industry Jobs (Sports, Entertainment, Tourism)
The leisure industry jobs are entertainment, tourism, arts etc. These jobs are severely affected during the recession. According to Andrew Roderick, “Leisure and hospitality industries are also expected to face continued headwinds, and as they employ the most workers of vulnerable industries, potential layoffs will affect the most people.”
Despite the Global Recession 2023 or other economic challenges, business will continue to grow even if at a slower rate. It is always sensible to invest in our future. The students who are entering into the higher academic spaces can choose their desired field considering whether it is recession-proof.