Economists are making increasingly grim forecasts for the global economy next year, and beyond. The world likely faces a recession in 2023, according to the director of a British consultancy, while the chief economist of a major Spanish private bank warned of a “decade of very, very poor growth.”
Interest rates in richer countries are set to rise further while inflation remains high in the United States and much of Europe. China’s reopening offers a potential bright spot, but the short-term costs of its sudden dropping of COVID-19 restrictions and the resulting surge in cases will hit the country’s economy early next year, Goldman Sachs economists warned in a new report.
