Two-thirds of private and public sector chief economists surveyed by the World Economic Forum (WEF) expect a global recession in 2023, the Davos-organiser said on Monday as business and government leaders gathered for its annual meeting.
Some 18% considered a world recession "extremely likely" - more than twice as many as in the previous survey conducted in September 2022. Only one-third of respondents to the survey viewed it as unlikely this year.
Definitions of what constitutes recession differ around the world but generally include the prospect of shrinking economies, possibly with high inflation in a "stagflation" scenario. "I want the outlook to become a little weaker so that the Fed rates start going down and that whole sucking-out of liquidity by global central banks eases," Sumant Sinha, chairman and CEO of Indian clean energy group ReNew Power, told Reuters on the sidelines of the Davos meeting.
"If you only have your time and your energy which is creating your income, you're getting ravaged right now because your wages are just not keeping pace," said Anthony Scaramucci, founder of U.S.-based investment firm SkyBridge Capital.- Nine out of 10 respondents expect both weak demand and high borrowing costs to weigh on firms, with more than 60% also pointing to higher input costs.
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