Two-thirds of private and public sector chief economists surveyed by the WEF expect a global recession in 2023, the Davos-organizer said as business and government leaders gathered for its annual meeting. | Reuters
The survey comes after the World Bank last week slashed its 2023 growth forecasts to levels close to recession for many countries as the impact of central bank rate hikes intensifies, Russia’s war in Ukraine continues, and the world’s major economic engines sputter.
On inflation, the WEF survey saw large regional variations: the proportion expecting high inflation in 2023 ranged from just 5 percent for China to 57 percent for Europe, where the impact of last year’s rise in energy prices has spread to the wider economy. these challenges are expected to lead multinational businesses to cut costs, from reducing operational expenses to laying off workers
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