Davos, (Hindustan). Once again the clouds of fear of economic recession have started hovering in the world. This apprehension has been expressed in a survey report of the World Economic Forum (WEF). The survey report was made public on Monday at the WEF annual meeting. Leaders, industrialists, businessmen and economists of all major countries of the world will participate in the meeting of the Economic Forum being held in Davos city of Switzerland. This report has been prepared by veteran economists from private and public sector.
WEF Managing Director Sadia Zahidi said on the results of the survey that the return of investment has decreased due to rising inflation, slowing growth rate, increasing debt and environmental changes in the world. Due to this the pace of development has slowed down and more expenditure has to be made on consumption items. At present, a large part of the world is in the grip of these problems. Because of these, the danger of recession on the world in 2023 is deepening. This survey report comes at a time when the World Bank has reduced the potential rate of economic growth of many countries. Due to the reduced growth rate of many countries, the fear of recession has arisen in the coming times.
The main reason for the fear of recession is considered to be the center point of the adverse effects of the Ukraine war. Due to which countries with big economy can come under its control and corona infection can also have a big impact on economic activities. Although the situation of recession will affect the whole world, but the countries with weak and shrinking economy will be affected the most. In the survey of WEF, there is a possibility of increase in inflation in 2023.
Inflation levels will vary in different regions of the world. For example, the rate of inflation in China can be five percent while in European countries it can be up to 57 percent. Fuel prices in European countries will be the biggest reason for rising inflation. The recession will seriously affect facilities like education and health.
Source: dainikbhaskarup.com
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