The World Economic Forum released the "Chief Economist Outlook" report on the 16th, pointing out that most economists believe that due to factors such as geopolitical tensions and the possible further tightening of monetary policies in the United States and Europe, the world economy is expected to fall into recession this year. The outlook for economic growth is particularly bleak.
According to the report, nearly two-thirds of the chief economists surveyed predict that the world economy is expected to experience a recession in 2023.
Sadia Zahidi, executive director of the World Economic Forum, pointed out that the world economy is in a state of instability. The current environment of high inflation, low growth, high debt, and high fragmentation reduces the incentive to make the investments needed to restore economic growth and improve the lives of the world's most vulnerable.
The report shows that all economists surveyed predict that European economic growth will be "weak" or "very weak" in 2023; 91% of economists expect the US economic growth to be "weak" or "very weak".
More than half of economists expect European inflation to remain high in 2023. About a quarter of economists believe that the US inflation problem will remain elusive. Most chief economists also expect the European Central Bank and Federal Reserve to tighten monetary policy further.
The report also pointed out that all interviewed economists believe that geopolitical factors will affect the map of global economic activities and bring more challenges and opportunities to enterprises in terms of trade, investment, labor and technology flows.