Us banks and most financial institutions are in the dump, our IT industry depends on western mostly US financial institutions for a large chunk of their business. There is going to be a short term hit with so many banks on the verge of collapse and cutting down on expenses furiously, and here things could get bad in terms of layoffs and growth.
That's not good for demand. Its already happening so the auto and real estate market are already being hit. Next the malls and retail sector will feel some impact. Demand that is generated outside this demographic will not be impacted much but could be affected by other economic conditions like oil prices. |