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Tech Sector Will Be Upset By Economic Instability Says Google CEO Sundar Pichai

Google CEO Sundar Pichai is optimistic that the tech industry will always be a value-providing industry to the economy.

Tech Sector Will Be Upset By Economic Instability Says Google CEO Sundar Pichai

CEO of Google, Sundar Pichai during their annual developer’s conference expressed concerns over the impact of macroeconomic elements on the tech industry, as a possible recession looms over the economy. 

Signifying a pivotal change in the tech industry, he remarked how the company is quickly adjusting itself to the latest strict regulations aimed to protect customers.  

The onset of the pandemic fuelled the growth of the tech industry with Google at the helm. However, disruptions in supply chains are slowing down there which is evident from the sharp fall in their stock prices. 

Since the start of this year, shares of Alphabet, the parent company of Google have gone down by 20%. The Nasdaq composite index, which fell by 30% paints an even darker picture for all tech companies. 

Restrictive monetary policies by Central banks along with the Russian invasion have created a dent in the industry. Companies like Netflix are announcing layoffs, while Meta has curbed all investments. 

Pichai is optimistic that the tech industry will always be a value-providing industry to the economy. Google’s hiring rate has gone up 20% since last year. 

Countries around the globe are contemplating finding effective regulations for the protection of citizens’ rights in the matured internet market. Google has vowed to will their existing products to conform with the regulations. 

Pichai is vary of countries unintentionally making the internet too complex, as they opposed the new law which required major internet advertising firms to divest their assets. 

Internet fragmentation in China and Russia is seen as a huge blow for Google, which hoped for “one net”. He also urged countries to consider the pros of a connected economy.

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