A year on from the the tech slowdown that led to a tsunami of cuts

A look back at a volatile year in the global tech industry, but hopes are that the worst is over

Tech multinationals cut more than around 320,000 jobs globally from the end of 2022 to the third quarter of this year, with most of these lay-offs occurring in the first half of 2023. File picture: AP Photo/Nick Wass

The global tech sector prospered during the pandemic. Hiring boomed as remote work gained popularity and e-commerce benefitted from the mandatory closure of physical retail.

However, the industry was plagued by misfortune at the end of 2022 and throughout the first half of 2023. A high interest rate environment and inflationary pressures weighed on bloated companies.