I remember following the 2008 crash when layoffs happened in US companies (usually the highly paid senior ones) and then those same positions got relocated to my city in Eastern Europe (and other countries) for a fraction of the wages. The exec who lead that probably got a good bonus for this move.
I feel the same pattern might be repeating again, especially with remote work being more normalized now in some companies, and the talent pool abroad being bigger and more upskilled now than it was in 2009 along with increased English fluency.