Global recession in 2023: India to benefit from supply chain diversification

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- The opinion of the majority of economists at the World Economic Forum

- Geopolitical tensions will continue to affect the global economy and the US-Europe will adopt a tighter approach on the fiscal front.

Davos: A global slowdown is likely this year, but food, energy and inflation are expected to remain on top, the World Economic Forum said in its Chief Economists' Outlook Survey on Monday. At the same time, some economies in the South Asian region, including India and Bangladesh, could benefit as global supply chains begin to diversify away from China, the report said. Due to this, businesses worldwide are looking to reduce their costs

Businesses have scrambled to cut costs to meet the economic downturn. Economists hope for inflation and a strong balance sheet amid such circumstances.

Most economists in the World Economic Forum community believe that geopolitical tensions will continue to shape the global economy and that the US and Europe may adopt a tighter stance on the monetary front.

Nearly two-thirds of economists believe that a global recession will occur in 2023, with 18 percent of them believing it to be more than twice as likely as in the September 2022 survey.

Every third respondent believes that the global Great Depression will end this year. However, it is generally agreed that the growth prospects in 2023 will remain dim.

There is no possibility of any kind of economic growth especially in Europe and America.

A survey of all chief economists believes that growth in Europe will be very weak in 2023, while 91 percent believe that growth prospects in the US are also very dim.

Growth in China may be polarized. Almost all respondents gave estimates ranging from weak to strong growth.

On the inflation front, Chief Economists say that inflation will remain high in 2023. The inflation rate in China will range from just five percent to 57 percent in Europe.

Two-thirds of economists believe that the global economy will be unstable this year. High inflation, low growth, high debt and a highly divisive environment will have a dampening effect on investment incentives and will hurt the prospect of raising the living standards of the world's poor, said Sadia Zahidi, managing director of the World Economic Forum.

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