Global Recession: The strategy of countries around the world to control inflation by stopping the growth rate seems to be overshadowed, because inflation is not decreasing and on the contrary, the growth rate is also stopping. This has raised concerns about a recession. US Federal Reserve Bank Chairman Jerome Powell said only last week that by this tradition, we are not going towards recession.
A Moody's report on Tuesday said that many countries have gone into recession and if not, they are likely to go into recession by 2023. According to a Moody's Analytics report, the economic environment is more fragile and higher inflation in the US and Europe is contributing more to it. Therefore, as the growth rate declines further, inflation can be seen to increase. This may cause further trouble later on.
Other currencies weaken due to the strength of the dollar
According to the report, the strong dollar has brought down the prices of all the currencies of the world. At the same time, GDP is also declining. It said the global economy could grow at 2.7 percent in 2022, while it could further decline to 2.3 percent in 2023. Even more signs of recession are visible.
Unemployment is rising along with inflation
Moody's said that unemployment is increasing rapidly along with inflation all over the world. Due to this, there is a continuous decline in economic growth, which may increase further in the coming times. Although there are some countries where there is a recession, it will take time to show it. Business activities have come to a halt and through this also an attempt is being made to stop the slowdown.
Russia is worse than the Ukraine war
According to Moody, supplies were directly affected by the Russia-Ukraine war that began in February. This affected the prices of commodities. In China, the real estate market has completely collapsed and people are boycotting it here. Along with the world's major economies China, America, Britain, and Japan, India is also not expected to survive this recession.
The world's growth rate may remain at 2.2% in 2023: OECD
The OECD has said in the report that global growth has stalled in the second quarter. Due to this, the figures of many economies can come down sluggish. The organization has lowered its 2023 growth forecast for the global economy to 2.2% from 2.8% in June. OECD Interim Chief Economist Alvaro Pereira said risks have increased in a few months. In the group 20 countries, the growth rate of the economies of the rest of the countries except Turkey, Indonesia, and the UK has been cut.
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