Davos ahead of the World Economic Forum 2023 © Thomson Reuters
Reuters: Davos 2023: Recession casts long shadow over opening of WEF summit
DAVOS, Switzerland (Reuters) -The prospect of imminent global recession cast a long shadow over Davos on Monday as participants gathering for the opening of the World Economic Forum's annual meeting counted the likely cost for their economies and businesses.
Two-thirds of private and public sector chief economists surveyed by the WEF expect a global recession this year, with some 18% considering it "extremely likely" - more than twice as many as in the previous survey conducted in September 2022.
"The current high inflation, low growth, high debt and high fragmentation environment reduces incentives for the investments needed to get back to growth and raise living standards for the world's most vulnerable," WEF Managing Director Saadia Zahidi said in a statement accompanying the survey results.
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