There is a strong consensus that the prospects for growth this year are bleak, especially in Europe and the US, says a report released by the World Economic Forum
Nearly two-thirds of the chief economists surveyed by the World Economic Forum forecast a global recession in 2023, despite being optimistic about inflation and strong balance sheets.
"In China, expectations of growth are polarised, with respondents almost evenly split between those who expect weak or strong growth," it said. "Leaders must look beyond today’s crises to invest in food and energy innovation, education and skills development, and in job-creating, high-potential markets of tomorrow. There is no time to lose," she added.Under the theme Cooperation in a Fragmented World, economists, thinkers, activists and policy-makers influencing global politics and the business world will attend this week’s 53rd annual meeting of the WEF in Davos-Klosters, Switzerland.
The meeting will also see the attendance of 56 finance ministers, 19 central bank heads, 30 trade ministers and 35 foreign ministers.
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Davos 2023: Global recession seen likely in 2023 -WEF surveyTwo-thirds of private and public sector chief economists surveyed by the World Economic Forum (WEF) expect a global recession in 2023, the Davos-organiser said on Monday as business and government leaders gathered for its annual meeting.
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