About two-thirds of the chief economists believe that there is a possibility of a global recession in 2023. Of these, 18% expressed a high probability of it. This figure is more than double as compared to the previous survey conducted in September 2022.
Global Recession:
The World Economic Forum (WEF) said in its chief economist forecast survey on Monday that there is a possibility of a global recession in 2023. However, during this time the pressure of food, energy and inflation can reach its peak. The report said that some economies in the South Asia region, including Bangladesh and India, could benefit from global trends. These trends include the shift of manufacturing supply chains away from China.
Monetary tightening expected in US-Europe
The WEF said that businesses globally will make significant cost cuts to counter economic adversities. Chief economists are optimistic about inflation and a strong balance sheet. Chief Economist of the World Economic Forum Most people in the community believe that further monetary tightening can be seen in America and Europe.
Fear of recession in 2023
About two-thirds of the chief economists believe that there is a possibility of a global recession in 2023. Of these, 18% expressed a high probability of it. This figure is more than double as compared to the previous survey conducted in September 2022. A third of those surveyed said that a global recession is not expected this year, although there is complete agreement that growth prospects in 2023 are bleak. Especially in Europe and America.
The growth of Europe and America will be affected
All the main economists surveyed expressed the possibility of weak or very weak growth in Europe in 2023 (Global Recession). About America, 91% of the respondents believed so. Leading economists are evenly divided over China's growth rate. Some believe that there will be strong growth, while some believe that it will be weak.
Thousands of leaders arrived in Davos
Meanwhile, Switzerland has made complete preparations for the security of the annual meeting of the World Economic Forum in Davos. This small town has been turned into a fort to ensure the safety of thousands of world leaders. Thousands of security personnel have been deployed for this work. These include more than 5,000 people from the army and hundreds of men and women from the civil defense service.
WEF preparations almost complete
According to the Swiss military, they started work ahead of Christmas for the WEF (world economic forum) meeting and the government has deployed 5,000 personnel between January 10-26. The airspace over Davos will remain restricted until January 21, a day after the meeting ends.
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