(ConservativeInsider.org) – In January, financial experts and leaders across the world gathered in Davos, Switzerland, for the World Economic Forum (WEF) 2023. At the annual gathering, the WEF surveyed attendees to get a better understanding of what they believe the future holds for the world economy, especially in terms of growth, recession, and international business. The results were a bit disheartening.
The WEF survey results showed that 18% of public and private sector chief economists think it is “extremely likely” there will be a global recession in 2023, and two-thirds of respondents expect it in some capacity. This is more than double the number that predicted a recession when the WEF conducted a similar survey in the fall of 2022.
Poll of chief economists surveyed by WEF: Expect a global recession this year https://t.co/lVi9af572u
— NEWSMAX (@NEWSMAX) January 17, 2023
While the survey showed how fiscal experts think growth in both Europe and the US will be “weak or very weak,” the group is split when it comes to China. The survey showed experts are “almost evenly split between those who expect weak or strong growth” in the Asian nation. This is based on the uncertainty of how the country will respond to its government’s recent decision to ease up on restrictions that have hampered movement, growth, and manufacturing in the country in recent years.
All in all, it seems every government will be walking a fine line of how much to raise and lower rates as they try and tamp down inflation without completely suffocating the economy. Saadia Zahidi, Managing Director at the WEF, emphasized that the world sits in a tough spot with “high inflation, low growth, high debt and high fragmentation.” She asked world leaders to invest in workforce development and innovative technologies to help bring the world into the “job-creating, high-potential markets of tomorrow.”
For the average American, this means experts predict the economy will be sluggish for a while, so high prices will stay while companies hold back on giving raises or bonuses as consumers slow their spending.
Another important item to note about the WEF conference; President Joe Biden and billionaire George Soros are notable absent from this year’s event. With the group drawing criticism from multiple sides saying it’s “out of touch” and “irrelevant,” are these two men distancing themselves from the controversy?
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