Global recession likely this year: WEF

PTI

Davos, January 16

A global recession is likely in 2023, but pressures on food, energy and inflation may be peaking, the World Economic Forum (WEF) said on Monday in its Chief Economists Outlook survey.

At the same time, some economies in the South Asia region, including Bangladesh and India, may benefit from global trends such as a diversification of manufacturing supply chains away from China, the report said.

The WEF said globally businesses are expected to cut costs significantly in response to economic headwinds, but chief economists are optimistic about inflation and strong balance sheets.

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