Global Economic Recession on The Horizon As Inflation Rises
Kathmandu, December 26. Recent research from the renowned forecasting organization “Centre for Economics and Business Research” has indicated that a global recession may occur in 2023.
Kay Daniel Neufeld, director head of the UK-based firm told reporters, “the global economy topped $100 trillion for the first time in 2022 but will plateau fall in 2023 as policymakers continue their struggle against rising interest rates, inflation and skyrocketing prices.”
The research firm utilizes an internal model to anticipate growth, inflation, and exchange rates. It bases its predictions on data from the International Monetary Fund’s World Economic Outlook.
Earlier in October, International Monetary Fund warned of a possible global recession stating that more than a third of the global economy will contract and that there is a 25% risk that global GDP will grow by less than 2% in 2023.
The firm also predicted that India’s economy will reach $10 trillion in 2035 and it will rank world’s third largest economy by 2032.
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