Almost 2 in 3 Chief Economists Say a Global Recession is Likely

The World Economic Forum asked chief economists about the state of the global economy. 18% of economists say that a global recession is extremely likely, which is more than twice as many said so in September 2022. Every chief economist surveyed expects weak or very weak growth in Europe in 2023. Each also agreed that economic activity would continue to shift along new geopolitical faultlines in 2023. The economists often pointed to the strength of household finances, the slowing of inflation and the resilience of labour markets. The cost-of-living crisis may be reaching its peak. 68% of economists say it will be less severe by the end of 2023. The energy crisis is also expected to ease. Here’s more from the Chief Economists Outlook 2023 for the possibility of a global recession.