The majority of leading economists surveyed by the World Economic Forum (WEF) in November-December last year forecast a recession in the global economy in 2023, according to the WEF report published on Monday, APA reports citing TASS.
According to the report, a global recession in 2023 is expected by about two-thirds of top experts, while 18% believe it is highly likely. The WEF noted that since the previous study in September last year, the number of specialists who are pessimistic about economic development prospects in 2023 has more than doubled.
There is a solid consensus among renowned economists participating in the current study that the forecast for economic growth in 2023 is grim, particularly in Europe and the United States, the WEF said. They all predict poor or extremely weak growth, which suggests that the situation has deteriorated in recent months. In September 2022, 86% of economists predicted weak or very weak growth in Europe, while 64% predicted weak or very weak growth in the United States.
Experts interviewed by the WEF believe that lifting severe epidemiological restrictions in China will boost economic growth. High inflation in China is expected by 5% of respondents, in Europe - by 57%.
The WEF report's publication coincides with the organization's 53rd annual conference in Davos, Switzerland on January 16-20. Representatives from about 100 countries, including more than 50 heads of state and government, will gather to discuss methods for addressing global food, energy, and other concerns. The World Economic Forum (WEF) is a non-governmental organization established in Switzerland with annual gatherings with top business executives, government leaders, and professionals from a variety of industries. Over a thousand major companies and organizations are members of the WEF.