WEF survey hints at global recession due to high inflation, falling wages

Amid elevated inflation and continuous fall in real wages, global recession seems inevitable, according to the World Economic Forum (WEF) Chief Economists Outlook report. Expectations for growth have been pared back in all regions and almost three fourth of the respondents now consider a global recession to be at least somewhat likely, as per the survey report. Real wages are expected to continue falling across the world in 2022-2023 and the cost of living crisis is threatening social unrest, though inflationary pressures are expected to ease in the next year. The survey also cautioned that food security could be at risk across large areas of the globe over the next three years.

References
1. https://economictimes.indiatimes.com/news/economy/indicators/chief-economists-survey-puts-spotlight-on-increasingly-likely-global-recession/articleshow/94516116.cms?from=mdr
2. https://www3.weforum.org/docs/WEF_Chief_Economists_Outlook_2022.pdf