The World Bank, in its latest Global Economic Prospects report released earlier this month, warned that the global economy is perilously close to falling into recession this year.
Very high inflation combined with expected interest rate hikes of 400-500bps in many major economies have greatly increased the risks of a recession in 2023.
In this regard, some real economic data have continued to come in ahead of expectations in recent months.
Supply chains have also started to normalise after three years of COVID related disruptions.
