Insider’s Matt Turner and Cadie Thompson have been in Davos for the wef this week. There have been differing predictions for the global economy but we’ve got the major takeaways below. Gloomy 2023? 👇 Silver lining? 👇
Top economists' outlook on the global economy for 2023 is"gloomy," with expectations of weak growth and a likely recession, according to a World Economic Forum report published on the opening day of Davos.
The World Economic Forum summarized the thoughts of some top economists in its January 2023 Chief Economists Outlook, released to coincide with the group's annual meeting in Davos, Switzerland, which kicked off on Monday. "Although there are some grounds for optimism, such as easing inflationary pressures, many aspects of the outlook remain gloomy," the report said, citing"continuing economic uncertainty and policy challenges of historic proportions."
Close to two-thirds of the 22 chief economists surveyed by the WEF said they thought that a global recession was likely in 2023, with 18% of them considering it"extremely likely."But the respondents — who came from a pool of experts at finance and business giants like UBS, Google, Microsoft, and Bank of America — expect to see huge regional variations in economic growth over the next year.
All of the economists said that they expected weak or very weak growth in Europe and 91% said they expected it in the US, while this figure was less than half for the Middle East, North Africa, South Asia, China, and East Asia and the Pacific. More than half of respondents said that they expected high inflation in Europe, compared to just 5% expecting to see it in China.
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