Next year, the world economy as a whole may sink into recession

Most crises are predicted in European countries

The global business sector sees almost a half chance of a global economic recession. The London-based analyst house examined the expectations of 172 large companies this month. The companies included in the survey together employ 6 million employees, and their combined annual turnover is approximately two trillion dollars.

According to a report by Oxford Economics on Tuesday, expectations regarding short-term global economic growth have deteriorated: the median level of the forecasts of the companies included in the September survey predicts a global GDP growth of only 1.9 percent by 2022, after the 2.1 percent shown in the previous study, and the current median expectation is 1 .8 percentage points lower than this year’s global growth rate expected before the Russian invasion of Ukraine.

Expectations regarding next year’s global economic growth have also weakened: the median value of the forecasts of large business enterprises included in the Oxford Economics survey now predicts a global growth of only 1.8 percent for the whole of 2023, instead of the 2.2 percent predicted by the participants of the previous July survey.