Davos WEF: Two-Thirds of Economists predict a Global RecessionWorld | January 17, 2023, Tuesday // 10:00| views
@Financial News London
Nearly two-thirds of chief economists polled by the World Economic Forum (WEF) forecast a global recession in 2023, although they are optimistic about inflation, Anadolu Agency reported.
There is a strong consensus that the outlook for growth this year is bleak, especially in Europe and the US, said the report published by the WEF.
All chief economists surveyed forecast weak or very weak growth in 2023 in Europe, and 91% expect weak or very weak growth in the US.
"In China, growth expectations are polarized, with respondents almost evenly split between those expecting weak or strong growth," the report said.
As for inflation, chief economists see notable variations across regions, with most expecting high inflation in 2023, ranging from just 5% for China to 57% for Europe.
They also expect the tight stance of monetary policy to remain constant across most of the world this year.
"With two-thirds of mainstream economists expecting a global recession in 2023, the global economy is in a precarious position. The current environment of high inflation, low growth, high debt and high fragmentation reduces the investment incentives needed to restore growth and raising the living standards of the world's most vulnerable," said Saadia Zahidi, Managing Director of the World Economic Forum.
"Leaders must look beyond today's crises to invest in food and energy innovation, in education and skills development, and in the high-potential job-creating markets of the future. We have no time to lose," she added.
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