Most countries of the world are worried about the increasing challenge on the inflation front. Meanwhile, US President Joe Biden has claimed that the recession is not going to come in America.
US President Joe Biden said, "In my view, we are not going into a recession right now." Biden continued, "The unemployment rate in America is still the lowest in history. It's just in the area of 3.6 percent. We still find ourselves with people who invest..."
Joe Biden said, "I hope that as we move from this rapid growth to stagnant growth, our economy will see a bit of a downturn. It's God's will, I don't think we're going to see a recession."
Except for India, most of the big countries will be hit by the recession.
Except for India, the fear of recession is deepening in most of the big countries of the world like America and China. Based on economic indicators, a survey conducted by Bloomberg among economists around the world has claimed, that many Asian countries already facing economic challenges may also fall into recession.
According to the survey, there is a 20 percent chance of China falling into recession. America has 40 percent and Europe 55 percent. Economists said that the world's central banks are raising interest rates to control inflation. This has increased the risk of recession. Asian economies appear to be more resilient than Europe and the US. Broadly, the probability of Asian countries falling into recession is 20 to 25 percent.
Less risk in smaller countries
In New Zealand 33 percent
D.Korea 25 percent
Japan 25 percent
Hong Kong's 20 percent
Australia 20 percent
Taiwan 20 percent
Pakistan 20 percent
Malaysia 13%
Vietnam 10 percent
Thailand 10 percent
Philippine 08 percent
Indonesia 03 percent
Sri Lanka has the highest 85 percent crisis
The survey has claimed that Sri Lanka will be the worst affected by this crisis. By the end of the year or next year, there is an 85 percent chance that it will be in recession. However, in the survey conducted earlier, the probability of Sri Lanka falling into recession was only 33 percent.
Economists said, like the US, UK, and other countries, central banks of New Zealand, Taiwan, Australia, and the Philippines are increasing interest rates to control rising inflation.
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