Global recession increasingly likely as cost of living soars: Chief economists' survey

Updated: Sep 28 2022 8:06PM

Global recession increasingly likely as cost of living soars: Chief economists' survey

New Delhi, Sep 28 (PTI) A global recession is becoming increasingly likely due to stubbornly high inflation and real wages continuing to fall, the World Economic Forum said on Wednesday citing a survey of chief economists from across the world.

According to the WEF Chief Economists Outlook report, real wages are expected to continue falling across the world in 2022-2023 and the cost of living crisis is threatening social unrest, though inflationary pressures are expected to ease in the next year.

The survey showed that food security could be at risk across large swathes of the globe over the next three years.

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