Reducing costs via layoffs may come with budget for temp/contractors but most medium/large companies put that toward staffing services that manage skill checks/etc. and supply capable people for specific tasks or projects. My company does this already and hardly has solo freelancers.
At the same time, those contractors can run 1.5-2x the hourly rates for existing staff so they are pushing to hire/promote to full time roles vs bridging a position that has yet to be filled, someone who left unexpectedly, etc.
More or less, the budget for filling gaps at medium/large companies likely will go to staffing agencies and not freelancers. Small companies likely will see an increase in demand for one off projects but it would still be a matter of funding those projects in the face of poor economic outlook.
Another thing to consider is that there will be an influx of quality talent though with a learning curve to stage their own freelance business. Companies may return to axed staff for assistance with systems or projects the ex-staff understand, even at a premium vs full time hourly rates. The increase in supply may flatten or reduce income for unestablished freelancers or limit growth for those with contacts.
I would also add alot of companies use a contractor/employee mix and the easiest thing to do is not renew contracts. if your a freelancer with specialized knowledge than that's a different story.
