Rise in living costs likely to spur global recession: WEF

Rise in living costs likely to spur global recession: WEF

2 months ago

GENEVA – The World Economic Forum (WEF) Community of Chief Economists said yesterday it expects reduced growth and stubbornly high inflation to continue in the remainder of 2022 and 2023, while real wages will keep falling.

In WEF’s quarterly Chief Economists Outlook, seven out of 10 considered a global recession to be at least somewhat likely.

It said prospects for the global economy had deteriorated further since its May 2022 report, with expectations for growth pared back across all regions.

Almost nine out of 10 chief economists expect Europe’s growth to be weak in 2023, while moderate growth is foreseen in the Middle East and North Africa (Mena) region, the US, South Asia, and Latin America.

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