Global Recession: The effect of recession will be seen on the global economy in the year 2023, claims the British Research Agency


Posted on 27th Dec 2022 05:27 pm by rohit kumar

Due to the increase in interest rates to control inflation, the world may see the effect of the recession in the year 2023, because high-interest rates can cause many economies to shrink. This has been said by the Center for Economics and Business Research. The global economy is set to cross the $100 trillion mark in 2022 but is likely to decline in 2023 as policymakers look to deal with inflation, a British consultancy said during the annual World Economic League table. The process of increasing interest rates is continuing.

 

The ongoing war against inflation is affecting the pace of development

Daniel Newfield, Director, and Head of Consulting, CEBR, says that due to the increase in interest rates to control inflation, the global economy will see the effect of the recession in 2023. The report also said that the war against inflation is not over yet. We expect the central bank to maintain its accommodative stance in 2023, despite fears of a contraction in the economy. With interest rates rising to bring inflation down to more comfortable levels, the outlook for the economy is shaping up to be weak growth over the coming few years.

 

What is emerging from the data is far more pessimistic than the most recent International Monetary Fund projections. In October, the organization expressed apprehensions that more than a third of the global economy could see securitization and a 25 percent chance that global GDP would see just 2 percent growth in 2023. This would be a situation of the global recession.

 

 

By 2037, the economies of developing countries will be equal to the economy of rich countries.

Nevertheless, the world's GDP will double by 2037, as developing economies catch up with the economies of rich countries. The changing balance of power will see East Asia and the Pacific region account for more than a third of global output by 2037, while Europe's share will drop to less than a fifth. CEBR takes its base data from the IMF's World Economic Outlook and uses an internal model to forecast growth, inflation, and exchange rates.

 

# Corona crisis and increasing tension with the West are hurting China's economy

China is not yet set to overtake the US as the world's largest economy until 2036 – it is expected to take six years longer. This reflects China's zero COVID policy and rising trade tensions with the West, which have slowed its expansion. CEBR originally expected economic relief from 2028. He predicted 2030 to improve on last year's league table. According to him, the real recovery in the global economy will not happen until 2036 and it may be delayed further if Beijing tries to control Taiwan and faces retaliatory trade sanctions.

 

Also Read: Apple Inc: Shock to China, India Apple's favorite manufacturing center, attractive market for foreign companies

1 Like 0 Dislike
Previous news Next news
Other news

Dhirendra Krishna Shastri: Baba Bageshwar Dhirendra Shastri prayed to Banke Bihari for a Hindu nation and lit a lamp in the temple.

Dhirendra Krishna Shastri concluded the Sanatan Hindu Ekta Padyatra, which began in Delhi, on Sun

TMC MP called Union Minister Shivraj Singh Chouhan a 'broker', BJP said- apologies

Trinamool Congress MP Kailash Banerjee on Tuesday accused Agriculture and Rural Development Minis

New rules of Railways, it is mandatory to display food prices and menus in trains, Railway Minister gave information in Lok Sabha.

Railway Minister Ashwini Vaishnaw told the Lok Sabha on Wednesday that it is mandatory to display

How the tables turned in Haryana: BJP came ahead from lagging... Know the reasons behind this change.

There is a hint of a big upset in Haryana. In the trends so far, the BJP is forming the governmen

Three big decisions of Modi government against Canada, read why rift broke out between the two countries in 72 hours

India Canada Row. The tensions between India and Canada are increasing with each passing time. Re

IPL 2024: KKR's victory depends only on Andre Russell and Sunil Narine. The former CSK star told the truth

Two all-rounders of Kolkata Knight Riders are making a splash in IPL 2024. Sunil Narine and Andre

Petrol Diesel Price Today: Oil companies released the prices of petrol and diesel, know the prices of your city

Oil companies have released the prices of petrol and diesel for today. Today companies have chang

What to do in case of an air raid, how to extinguish a fire... From Jammu to UP; how is the preparation for mock drills going on across the country?

After the Pahalgam terror attack, the Indian government is in a mood to take strict action agains

CTET 2024: Another chance to register for CTET July, the deadline extended till this day; apply soon

CTET July 2024: The Central Board of Secondary Education has extended the last date for submissio

Rajasthan New CM: Rajasthan CM may be announced soon, BJP will announce observers today!

After the counting of votes in Rajasthan on December 3, the BJP government won power in the state

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash