Economic activity was halted by the Covid-19 epidemic, and severe inflation was brought on by increased food costs. Sridhar Vembu, co-founder and CEO of Zoho, has remarked that this significant inflation has not yet subsided. Provider of business solutions, Zoho is situated in Chennai. We saw a rather substantial slowdown in growth in September across nations and goods, Sridhar Vembu tweeted. Given the diversity of our income sources in terms of geography and products, I believe the world economy is deteriorating. Be careful ahead.
In response to the hard times, one of the social media users commented, “We’re extensively diversified. Because fewer people will be able to afford SaaS, most of them will need to boost their free tiers and lower their pro plan rates.
Software-as-a-Service, or SaaS, refers to using the internet to access software without having to download it.
The number of Zoho users reached 10 crore in September. Currently, 55 business apps are using Zoho’s services. Less than a year after the company’s November announcement, it has reached this milestone and generated $1 billion in sales. In comparison to the rest of the globe, India’s recession risk is not as dire. However, it would reportedly have a secondary impact on India.
In March 2022, the World Bank published a report on the state of the world economy, highlighting the sluggish pace of expansion. After the Russia-Ukraine War and the Covid-19 outbreak, this report was created. According to this research, the current growth rate will last until 2030 and will be the slowest in the last three decades. The research unequivocally demonstrates that the outlook for the world economy is not particularly positive. This World Bank study has also been discussed by Sridhar Vembu. He asserts that the last few months may have been advantageous for the world economy and that their growth rate has risen. In the next 6-7 years, the growth rate won’t rise, said Sridhar Vembu.