Davos2023: A WEF Survey Predicts a Global Recession in 2023.

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In a survey conducted by the World Economic Forum (WEF) of chief economists from the private and public sectors, two-thirds predicted a global recession in 2023, the organization that organizes Davos said as business and political leaders gathered for its annual meeting.

More than twice as many people—18%—asked this question than in the survey that was conducted in September 2022. Only one-third of survey participants thought it was unlikely this year.

In terms of inflation, the WEF survey revealed significant regional differences: the proportion anticipating high inflation in 2023 ranged from just 5% for China to 57% for Europe, where the effects of last year’s increase in energy prices have permeated the entire economy.

The majority of economists predict that Europe’s monetary policy will continue to tighten  Europe and the United States (59% and 55%, respectively), with policy-makers caught between the risks of tightening too much or too little.

Reuters.

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