World Bank sees rising risk of global recession in 2023 amid rate hikes

Synchronised interest rate hikes under way globally are likely to continue well into 2023, but might not be sufficient to bring inflation back down to levels seen before the pandemic, the bank said

The world may be edging toward a global recession as central banks across the world simultaneously hike interest rates to combat persistent inflation, the World Bank said on Thursday.
 

The world's three largest economies - the United States, China, and the euro area - have been slowing sharply, and even a "moderate hit to the global economy over the next year could tip it into recession," the bank said in a new study.
 

It said the global economy was now in its steepest slowdown following a post-recession recovery since 1970, and consumer confidence had already dropped more sharply than in