Global recession likely, say 63% of chief economists in WEF survey

Many chief economists offered somber predictions about whether the global economy would fall into a recession in 2023, according to a World Economic Forum (WEF) survey released

Monday. In the WEF’s Chief Economists Outlook survey, 63% of chief economists polled indicated they had expectations of the global economy experiencing a recession this

year. Of that figure, 45% said one was "somewhat likely" and 18% said "extremely likely." BLACKROCK CEO LARRY FINK WEIGHS IN ON RECESSION PROBABILITY, US DEBT

DEFAULT The share of chief economists putting the probability of a global recession at "extremely likely" has more than doubled compared to those who thought so in

September, according to the WEF. Thirty-two percent said one was "extremely" or "somewhat" unlikely. Outlooks for economic growth varied by region, the survey

found. READ ON THE FOX BUSINESS APP The surveyed chief economists were most pessimistic about Europe, with 68% predicting "very weak" growth and 32% saying "weak." For

the U.S., 82% forecasted "weak" growth while 9% said "very weak" and "moderate," respectively, according to the survey. The two regions of South Asia and Middle East and

North Africa (MENA) saw the most positive expectations for economic growth. About 70% of chief economists expected moderate or strong growth in the MENA region while 85% said that

about South Asia. BANK OF AMERICA CEO SEES ‘MILD RECESSION’ IN 2023 AND IS PREPARING FOR WORSE The Chief Economists Outlook survey also asked chief economists to weigh

in on how inflation would be for various regions.