According to a report released by the World Economic Forum, nearly two-thirds of the chief economists expected a global recession in 2023. About 18% of them believed that the world economy is extremely likely to fall into recession, more than twice as many as in the survey previously conducted in September last year. Only a third of respondents thought a global recession is unlikely this year.

The World Bank’s latest report showed that the slowdown of global growth was due to high inflation, rising interest rates, reduced investment, and disruptions caused by the Russia-Ukraine war.

The World Economic Forum also listed the cost-of-living crisis, natural disasters and extreme weather events, and geoeconomic confrontation as the top three risks in the Global Risks Report 2023.