Inflation and recession: Can the world defeat both in 2023?

When global leaders gathered at the annual World Economic Forum conclave in Davos last month, they were looking at a bleak economic scenario.

Two-thirds of the economists polled by the WEF for its Chief Economists Outlook report said a global recession – a shrinking of the world’s gross domestic product – was likely in 2023. Also in January, the World Bank warned the global economy was “perilously close to falling into recession”.

Since then, the International Monetary Fund in its end-January assessment has presented a less pessimistic forecast, suggesting that the global economy might avoid contraction this year. Still, the IMF has predicted that the United Kingdom’s economy will shrink and has cautioned that the United States has only a “narrow path” to escaping a recession.

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