As the world economy has begun to exhibit the often-mentioned green shoots of late, we’ve seen an array of data suggesting the crisis has tempered.
Now, we’re seeing data that might explain the world economy after the Great Recession.
On Tuesday, PTI reported that 20,000 H-1B visas, a coveted employment requirement for foreign professionals working in the US, are still unfilled. That’s nearly one-third the quota set aside by the US.
There could be many explanations for what’s going on here: Maybe the costs of applying for the visas are too prohibitive, or US employers are less inclined to sponsor foreign talent right now.
But there could be another explanation as well. The H-1B visa shortfall could be a harbinger for the preferences of high-skilled labour in the post-crisis world: The US may no longer be the go-to destination for work.
It’s still premature to say for sure, but foreign workers— including Indians—may be finding better employment opportunities elsewhere.