Special Agenda Dialogue on the Future of the Global Economy | Summary and Q&A

TL;DR

The global economy is facing a perfect storm, with 70% of economists predicting a recession in 2022 or 2023.

Key Insights

• 🌐 70% of economists predict a recession in the global economy.
• 🇺🇸 Europe is facing the greatest challenges, while China and the United States have somewhat more positive outlooks.
• ✋ Inflation is expected to remain high, real wages will continue to decline.

Transcript

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Questions & Answers

Q: Are we heading into a global recession?

Yes, 70% of economists predict a recession in the near future, with Europe facing the greatest challenges.

Q: What are the expectations for inflation and real wages?

Inflation is expected to remain high, while real wages are expected to decline. Around 9 out of 10 economists expect a decline in real wages.

Q: How are different regions of the world expected to perform economically?

Europe is expected to have weak growth, China and the United States show more positive outlooks, and the Middle East and North Africa region is expected to perform well.

Q: What are the key risks highlighted in the report?

Key risks include high inflation, food and energy crises, and social unrest due to rising costs of living.

Summary & Key Takeaways

• The global economic outlook has worsened since May 2022, with 70% of economists predicting a recession in the near future.

• Europe is the region facing the greatest trouble, with weak growth expected. China and the United States have somewhat more positive outlooks.

• Inflation is expected to remain high, real wages will continue to fall, and social unrest is expected to rise. The Middle East and North Africa region is expected to perform well, while sub-Saharan Africa shows a slowdown in growth.