The War Between The U.S-Led Coalition And Yemen Is Reshaping Shipping Flows

Houthi attacks are starting to reshape shipping flows © Amr Abdallah Dalsh/Reuters  

Freight Waves: Houthi attacks are starting to reshape shipping flows 

U.S. and U.K. airstrikes on Houthi positions in Yemen have not made the Red Sea any safer for shipping. 

“Red Sea issues are getting worse, not better,” said Stifel shipping analyst Ben Nolan. 

U.S. and U.K. airstrikes on Houthi positions in Yemen have not made the Red Sea any safer for shipping. “Red Sea issues are getting worse, not better,” said Stifel shipping analyst Ben Nolan. 

The dry bulk carrier Gibraltar Eagle, owned by Connecticut-based Eagle Bulk (NYSE: EGLE), was struck by an anti-ship ballistic missile in the Gulf of Aden on Monday. The Greek-owned dry bulk carrier Zografia was hit by a missile in the southern Red Sea on Tuesday.  

Read more .... 

Update: Houthi attacks are starting to reshape shipping flows (Washington Post) 

WNU Editor: Oil prices have inched a little bit upwards in the past few weeks, but if this continues I agree with Chevron's CEO view that this will have a severe impact .... Chevron CEO says Houthi attacks in Red Sea pose 'very real' risks to oil flows and prices (FOX Business).

Will The U.S. Coalition War Against Yemen Impact The Global Economy?

 

CNBC: Tanker companies temporarily halt traffic toward Red Sea after U.S. airstrikes on Houthis 

* Hafnia, Torm and Stena Bulk confirmed that they halted traffic toward the Red Sea after airstrikes on Houthi militants in Yemen. 

* The companies are among the world’s largest operators of petroleum product tankers, according to their websites. 

* The multinational coalition advised ships to avoid transiting the Bab el-Mandeb Strait for “several days,” according to the International Association of Independent Tanker Owners. 

Several of the world’s major tanker companies on Friday halted traffic toward the Red Sea after U.S. and British airstrikes on Iran-allied Houthi militants in Yemen. 

Hafnia, Torm and Stena Bulk confirmed that they halted traffic toward the crucial trade gateway in response to an advisory from the Combined Maritime Forces, a multinational coalition led by the U.S. 

“Considering these developments and in alignment with expert recommendations, we have decided to immediately halt all ships heading toward or within the affected vicinity,” Hafnia spokesperson Sheena Williamson-Holt told CNBC in statement. 

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WNU Editor: The impact has so far been minimal .... Oil rises 1% as more tankers avoid Red Sea after strikes (Reuters). More here .... Oil prices rise on US-UK strikes over Red Sea attacks (BBC). But shipping costs are going through the roof .... Shipping costs are more than 300% up as Suez crisis deepens (SKY News). 

The Global Economic Impact From Yesterday's Military Strikes Against Yemen 

Red Sea chaos risks 'brutal' price rises -- The Telegraph  

Oil tankers divert from Red Sea after US, UK strikes in Yemen -- Reuters 

Is the economy facing another energy price shock? -- BBC  

How the Red Sea crisis could clobber the global economy -- CNN

European Central Bank President Lagarde Warns The Global Economy Is Fragmenting Into Competing Blocs

European Central Bank President Christine Lagarde looks on as she attends the European Parliament’s Committee on Economic and Monetary Affairs, at the European Parliament, in Brussels, Belgium September 25, 2023. Yves Herman | Reuters 

CNBC: ECB’s Lagarde: Increasing signs that the global economy is fragmenting into competing blocs 

* Focusing on Europe, European Central Bank President Christine Lagarde said that a continuous decline in the working age population looks set to start as early as 2025, alongside climate disasters which are increasing every year. 

* Her answer to these shocks was that massive investment would be needed in a short space of time, requiring what she called “a generational effort.” 

European Central Bank President Christine Lagarde on Friday said Europe is now at a critical juncture, with deglobalization, demographics and decarbonization looming on the horizon. 

“There are increasing signs that the global economy is fragmenting into competing blocs,” she said at the European Banking Congress, according to a transcript. 

 Focusing on Europe, she said that a continuous decline in the population of working age looks set to start as early as 2025, alongside climate disasters that are increasing every year.  

Read more ....  

Update: World economy may split into rival blocs – ECB (RT)  

WNU Editor: She is giving everyone a heads-up that the days are numbered when when the US dollar was the world's reserve currency and the Euro was a close second.

Israel-Hamas War Impact Could Tip The Global Economy Into A Recession

Business Standard/Bloomberg: Wider war in Middle East could tip the world economy into recession 

The Hamas attack and Israel’s response are taking a heavy human toll. A global economic downturn may follow. 

Like Middle East wars of the past, the conflict between Israel and Hamas that broke out this past week has the potential to disrupt the world economy — and even tip it into recession if more countries are drawn in. 

That risk is real, as Israel's army prepares to invade Gaza in response to an attack by the militant group. The death toll from the Hamas assault and the ongoing Israeli air strikes on Gaza is already in the thousands. There's concern that militias in Lebanon and Syria that support Hamas will join the fighting. 

A sharper escalation could bring Israel into direct conflict with Iran, a supplier of arms and money to Hamas, which the US and the European Union have designated a terrorist group. In that scenario, Bloomberg Economics estimates oil prices could soar to $150 a barrel and global growth drop to 1.7% — a recession that takes about $1 trillion off world output.  

Read more ....  

Update #1: A bigger war in Israel would send oil prices skyrocketing and hurt the economy's chances of avoiding a recession (Insider)  

Update #2: Bloomberg estimates economic cost of Iran-Israel conflict (RT)  

WNU Editor: I think the experts are under-estimating the global economic cost of a major Middle Eastern War. Middle Eastern oil production cutbacks alone will cause unbelievable harm to the global econom.

North America And Europe Combined Got $10.9 Trillion Poorer In 2022. Russia Gained $600 Billion

MORE - The US lost more wealth than any other country last year, shedding $5.9 trillion, while North America and Europe combined got $10.9 trillion poorer.https://t.co/Q25EFnbs4f

— Disclose.tv (@disclosetv) August 16, 2023

Business Insider: Russia got richer even as the war in Ukraine raged on last year, while the West shed trillions of dollars of wealth 

* Russia added $600 billion of total wealth last year, a report by UBS indicated. 

* The number of millionaires and ultra-high-net-worth individuals also rose, despite the war in Ukraine raging on. 

* Meanwhile, the US and Europe shed trillions of dollars worth of wealth, the Swiss bank reported. 

Russians got richer last year even as the war in Ukraine raged on, while the US and Europe lost trillions of dollars, UBS reported. 

Russia added $600 billion of total wealth, the Swiss bank found in its annual Global Wealth Report, published Tuesday. 

The number of Russian millionaires also rose by about 56,000 to 408,000 in 2022, while the number of ultra-high-net-worth individuals — people worth over $50 million — jumped by nearly 4,500.  

Read more ....  

WNU Editor: The Global Wealth Report from UBS is here .... Global Wealth Report 2023 – global wealth set to rise by 38% over the next five years (UBS).

IEA Says OPEC+ Production Cuts Could Derail Global Economic Growth

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina/File Photo 

CNBC: Surprise oil output cuts from OPEC+ could hurt consumers and derail the economic recovery, IEA warns 

* In its latest monthly oil market report, the IEA said the energy alliance’s self-described “precautionary move” was likely to spell bad news for consumers at a time of heightened economic uncertainty. 

* “Consumers confronted by inflated prices for basic necessities will now have to spread their budgets even more thinly,” the IEA said. “This augurs badly for the economic recovery and growth.” 

* Several OPEC+ members announced on April 2 that they were set to tighten global production by an additional 1.16 million barrels per day until the end of the year. 

The International Energy Agency on Friday warned surprise oil output cuts from the OPEC+ producer group risk exacerbating a projected supply deficit and could scupper an economic recovery.

In its latest monthly oil market report, the IEA said the energy alliance’s self-described “precautionary move” was likely to spell bad news for consumers at a time of heightened economic uncertainty. 

“Consumers confronted by inflated prices for basic necessities will now have to spread their budgets even more thinly,” the IEA said. “This augurs badly for the economic recovery and growth.”  

Read more .... 

IEA Says OPEC+ Production Cuts Could Derail Global Economic Growth 

OPEC+ cuts risk oil supply deficit, threaten economic recovery -IEA -- Reuters 

IEA Says OPEC+ Cuts Could Derail Economic Growth -- OilPrice.com  

IEA issues warning over OPEC+ cuts -- RT  

OPEC Cuts Will Slash Global Oil Supplies: IEA. That's a Problem for Inflation. -- Barrons

IMF Cuts Global GDP Forecasts

FILE PHOTO: International Monetary Fund logo is seen outside the headquarters building  

CNBC: IMF cuts GDP forecasts, says global economy heading for weakest growth since 1990 

* The IMF said that five years from now, global growth is expected to be around 3% — the lowest medium-term forecast in a World Economic Outlook for over 30 years. 

* In the short term, the fund expects global growth of 2.8% this year and 3% in 2024, slightly below the fund’s estimates published in January. 

* The IMF said that its baseline forecast “assumes that the recent financial sector stresses are contained.” 

The International Monetary Fund on Tuesday released its weakest global growth expectations for the medium term in more than 30 years. 

The D.C.-based institution said that five years from now, global growth is expected to be around 3% — the lowest medium-term forecast in an IMF World Economic Outlook since 1990.  

Read more ....  

WNU Editor: All eyes are on the weakness of the global banking system is .... Banks in ‘more precarious situation’ creating risks for global growth, IMF chief economist warns (CNBC). 

IMF Cuts Global GDP Forecasts  

IMF warns deeper financial turmoil would slam global growth -- Reuters  

IMF: Banking crisis boosts risks and dims outlook for world economy -- CNN  

IMF Lowers 2023 Global GDP Growth Forecast to 2.8% -- Bloomberg

'Turbulence is building': IMF warns of 'hard landing' for global economy -- Politico

World Bank Warns Of Global Recession In 2023

 

Reuters: World Bank warns global economy could tip into recession in 2023 

WASHINGTON (Reuters) -The World Bank slashed its 2023 growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies, Russia's war in Ukraine continues, and the world's major economic engines sputter. 

The development lender said it expected global GDP growth of 1.7% in 2023, the slowest pace outside the 2009 and 2020 recessions since 1993. In its previous Global Economic Prospects report in June 2022, the bank had forecast 2023 global growth at 3.0%. It forecast global growth in 2024 to pick up to 2.7% -- below the 2.9% estimate for 2022 -- and said average growth for the 2020-2024 period would be under 2% -- the slowest five-year pace since 1960.  

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WNU Editor: I do not have access to the data that the World Bank has, but I think they are underestimating the impact that increasing energy costs are going to have on the global economy in 2023 and 2024 as a whole. 

World Bank Warns Of Global Recession In 2023  

World Bank Cuts 2023 Forecasts and Warns of Global Recession -- Bloomberg  

Global recession warning as World Bank cuts economic forecast -- BBC  

World Bank warns of looming global recession -- AP  

Global economy risks second recession within three years, warns World Bank -- The Guardian  

Global economy ‘perilously close’ to a recession: World Bank -- Al Jazeera

World Bank Warns Of Global Recession

Bloomberg: World Bank to Warn of Global Recession Risk in Economic Outlook 

(Bloomberg) -- The World Bank is concerned that “further adverse shocks” could push the global economy into recession in 2023, with small states especially vulnerable. 

The warning is contained in an abstract for the bi-annual “Global Economic Prospects” report due for release on Tuesday and visible on the group’s Open Knowledge Repository website. 

Even without another crisis, global growth this year “is expected to decelerate sharply, reflecting synchronous policy tightening aimed at containing very high inflation, worsening financial conditions, and continued disruptions from Russia’s invasion of Ukraine,” the World Bank said.

“Urgent global and national efforts” are needed to mitigate the risk of such a downturn as well as debt distress in emerging market and developing economies (EMDEs), where investment growth is expected to remain below the average of the past two decades, the Washington-based lender said.  

Read more ....  

WNU Editor: The IMF is also predicting a severe economic recession .... IMF Gives A Gloomy Forecast For The Global Economy In 2023 (January 1, 2023).

A Look At Every Country’s Share Of The World’s $101.6 Trillion Economy

Click on Image to Enlarge  

Visual Capitalist: Top Heavy: Countries by Share of the Global Economy  

Countries by Share of the Global Economy 

As 2022 comes to a close we can recap many historic milestones of the year, like the Earth’s population hitting 8 billion and the global economy surpassing $100 trillion. 

 In this chart, we visualize the world’s GDP using data from the IMF, showcasing the biggest economies and the share of global economic activity that they make up.  

Read more ....  

WNU Editor: I was surprised by the numbers from China. Even experiencing massive lock-downs for the past two years, it is an economy that is still growing.

UN’s Global Development Chief Says '54 Poor Countries Are In Danger Of Bankruptcy’

Achim Steiner, the UN’s global development chief, sad rich countries must ‘inject targeted liquidity into countries to be able to invest in energy transitions’. Photograph: Ali Khara/Reuters 

The Guardian: ‘More than 50 poor countries in danger of bankruptcy’ says UN official  

Developing countries falling into default would be catastrophic and delay climate action, UN development chief warns  

More than 50 of the poorest developing countries are in danger of defaulting on their debt and becoming effectively bankrupt unless the rich world offers urgent assistance, the head of the UN Development Programme has warned. 

Inflation, the energy crisis and rising interest rates are creating conditions where an increasing number of countries are in danger of default, with potentially disastrous impacts on their people, according to Achim Steiner, the UN’s global development chief. 

“There are currently 54 countries on our list [of those likely to default] and if we have more shocks – interest rates go up further, borrowing becomes more expensive, energy prices, food prices – it becomes almost inevitable that we will see a number of these economies unable to pay,” he said.  

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WNU Editor: The U.N. development chief is stating the obvious .... Global economic crisis strangling progress for poor, warns U.N. development chief (Reuters).

Global Stocks And Bonds Have Lost A Record $36 Trillion In Value Over The Past Nine Months

A trader on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, June 27, 2022. Money managers betting on a sustained global rebound will be left sorely disappointed in the second half of this crushing year as a protracted bear market looms, even if inflation cools. Photographer: Michael Nagle/Bloomberg , Bloomberg

Bloomberg: Raging Markets Selloff in Five Charts: $36 Trillion and Counting 

(Bloomberg) -- Whether super-safe US Treasuries or the riskiest emerging equities, global stocks and bonds have lost a record $36 trillion in value over the past nine months in a wild selloff that engulfed assets right across the risk spectrum. 

With the year heading into its last quarter, there is likely more pain ahead. Central banks are in full fire-fighting mode, making clear they intend to raise interest rates further to douse inflation, even if that leads to economic recession. 

From the look of it, one could be forgiven for stashing cash under the mattress. Indeed, in the latest Bank of America Corp.’s fund manager survey, participants said their exposure to cash was at all-time highs.  

Read more ....  

WNU Editor: And the shocking thing is that these losses are not slowing down.

Hedge Fund Giant Elliott Warns Looming Hyperinflation Could Lead To A 'Global Societal Collapse'

Paul Singer/Elliott views are worth the read: https://t.co/f4itUqDaoj pic.twitter.com/eBWy2t3qEM

— Prometheus (@PrometheusNRx) November 3, 2022

Market Watch: Hedge fund giant Elliott warns looming hyperinflation could lead to ‘global societal collapse’  

"Investors should not assume they have ‘seen everything’” 

That was from executives at leading hedge fund Elliott Management, who warned that the world is heading towards the worst financial crisis since World War II. 

In a letter sent to investors, and seen by the Financial Times, the Florida-headquartered firm told clients that they believe the global economy is in an “extremely challenging” situation which could lead to hyperinflation. Elliott did not respond to MarketWatch’s request for comment.  

Read more .... 

WNU Editor: Key points from the Hedge Fund Elliott are the following:  

.... the world is on the road to “hyperinflation” and could be heading towards its worst financial crisis since the second world war 

.... hyperinflation could lead to “global societal collapse and civil or international strife” 

For the past week I have been reading doom and gloom forecasts from funds that have a lot of "skin in the game. This is just one more doom and gloom report but what makes it unique is that it is on the front page of the Financial Times!!!! And hedge Fund Elliott is a multi-billion dollar fund with a very good track record.

As to what is my take.

I do not see a "global societal collapse".  But I do see very hard times for a lot of countries around the world, and hard times for us in the West.

IEA Says OPEC+ Oil Supply Cuts Could Tip The World Into A Recession

 

Reuters: OPEC+ oil supply cuts could tip world into recession, IEA says 

LONDON (Reuters) - A decision by the OPEC+ oil producer group last week to rein in output has driven up prices and could push the global economy into recession, the International Energy Agency said on Thursday. 

"The relentless deterioration of the economy and higher prices sparked by an OPEC+ plan to cut supply are slowing world oil demand," the Paris-based agency, which includes the United States and other top consumer countries, said. 

"With unrelenting inflationary pressures and interest rate hikes taking their toll, higher oil prices may prove the tipping point for a global economy already on the brink of recession," it added in its monthly oil report.  

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WNU Editor: In my opinion much of the world is already in a recession that is on the brink of another financial crisis. The question that should be asked is how bad is this all going to get. 

IEA Says OPEC+ Oil Supply Cuts Could Tip The World Into A Recession  

OPEC could tip the world economy into recession, warns IEA -- CNN 

OPEC+ Cuts Risk Oil-Price Spike and World Recession, IEA Warns -- Bloomberg  

Opec+ oil output cut risks tipping world into recession, warns IEA -- Financial Times  

IEA Warns OPEC+ Supply Cut May Push Global Economy to Brink of Recession -- Investing.com

IMF Says ‘The Worst Is Yet To Come' For The Global Economy

 

CNBC: IMF cuts global growth forecast for next year, warns ‘the worst is yet to come’ 

* The International Monetary Fund predicts global growth will slow to 2.7% in 2023. 

* “The worst is yet to come, and for many people 2023 will feel like a recession,” the report reads. 

* Its GDP estimate for this year remained steady at 3.2%, which was down from the 6% seen in 2021. 

The International Monetary Fund predicts global growth will slow to 2.7% next year, 0.2 percentage point lower than its July forecast, and anticipates 2023 will feel like a recession for millions around the world. 

Aside from the global financial crisis and the peak of the Covid-19 pandemic, this is “the weakest growth profile since 2001,” the IMF said in its World Economic Outlook published Tuesday. 

Its GDP estimate for this year remained steady at 3.2%, which was down from the 6% seen in 2021. 

Read more .... 

IMF Says ‘The Worst Is Yet To Come' For The Global Economy 

'The worst is yet to come': IMF cuts global and euro area growth outlook -- Euronews  

‘The worst is yet to come’: IMF issues stark recession warning -- CNN  

'The worst is yet to come': IMF says 2023 will 'feel like a recession' -- SKY News 

IMF downgrades global economy outlook for 2023 -- AP

IMF Now Warning That Raising Interest Rates Will Plunge The World Into A Recession

IMF's Managing Director, Kristalina Georgieva, said the organisation will lower its 2023 growth forecast, the fourth downward revision this year, when it releases its World Economic Outlook next week [File: Ahmed Yosri/Reuters]  

CNN: Hiking rates too quickly could trigger a ‘prolonged recession,’ IMF head warns 

The global economic outlook is darkening and the risks of recession are quickly rising: That’s the latest message from the International Monetary Fund, which said Thursday it will once again lower its growth projections. 

“We estimate that countries accounting for about one-third of the world economy will experience at least two consecutive quarters of contraction this or next year,” said IMF managing director Kristalina Georgieva during a speech at Georgetown University. 

“And, even when growth is positive, it will feel like a recession because of shrinking real incomes and rising prices.” The IMF anticipates that the world could lose $4 trillion in economic output between now and 2026.  

Read more .... 

IMF Now Warning That Raising Interest Rates Will Plunge The World Into A Recession 

IMF warns of higher recession risk and darker global outlook -- AP 

IMF chief warns world heading towards age of greater instability -- The Guardian 

IMF chief sees ‘darkening’ outlook for global economy -- Al Jazeera

UN Agency Warns The World Is On The Brink Of A Recession If Central Banks Continue To Raise Interest Rates

CNBC: ‘We must change course’: UN warns that the world is on the brink of recession 

* Monetary and fiscal policies in advanced economies — including continued interest rate hikes — could push the world toward a global recession and stagnation, the UN Conference on Trade and Development (UNCTAD) said on Monday. 

* A global slowdown could potentially inflict worse damage than the financial crisis in 2008 and the Covid-19 shock in 2020, warned the UNCTAD in its Trade and Development Report 2022. 

* “We still have time to step back from the edge of recession. Nothing is inevitable. We must change course,” said UNCTAD Secretary-General Rebeca Grynspan. 

The United Nations has sounded off a warning that the world is “on the edge of a recession” and developing nations like those in Asia could bear the brunt of it. 

Monetary and fiscal policies in advanced economies — including continued interest rate hikes — could push the world toward a global recession and stagnation, the UN Conference on Trade and Development (UNCTAD) said on Monday. 

A global slowdown could potentially inflict worse damage than the financial crisis in 2008 and the Covid-19 shock in 2020, warned the UNCTAD in its Trade and Development Report 2022.  

Read more ....  

WNU Editor: The UN warning is very blunt. The US Central Bank needs to stop raising interest rates or we will be facing a global recession (i.e. depression) coupled with an unprecedented foreign debt crisis that would collapse most foreign currencies. 

The UN report is here .... Trade and Development Report 2022 (UNCTD). 

UN Agency Warns The World Is On The Brink Of A Recession If Central Banks Continue To Raise Interest Rates  

UNCTAD warns of policy-induced global recession -- UNCTAD  

UN urges Fed to pause interest rate hikes on global recession fears -- FOX News  

A UN agency wants the Fed to slow its interest rate hike -- CNN  

Don't raise interest rates, UN warns the Federal Reserve and other central banks -- SKY News  

‘Worse damage than the financial crisis in 2008.’ Wealthy countries could trigger a global recession, UN says -- Fortune  

The UN Demands All Central Banks Stop Rate Hikes And Switch To Price Controls Instead -- Zero Hedge

Morgan Stanley Warns We May Be Facing Something Worse Than A ‘Normal Recession’

 

NTD/Epoch Times: Morgan Stanley Warns of Something Worse Than a ‘Normal Recession’ 

Morgan Stanley’s Chief U.S. Equity Strategist Michael Wilson said that he’s convinced a corporate earnings recession is coming—and that it could be worse than a “normal” recession. 

Wilson said in a Sept. 26 interview with CNBC’s “Squawk Box” that his team at Morgan Stanley is looking closely at the U.S. business earnings story and the impact of corporate profits on equities, which have been on a wild ride in recent months. 

“We think it’s unavoidable … to avoid an earnings recession and that’s what matters for stocks,” Wilson said, with his remarks coming on the same day that the so-called Wall Street fear gauge soared to its highest level since mid-June when U.S. equities last hit a bear market bottom.  

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WNU Editor: Today was another bad day for the markets .... Dow Jones Plunges 550 Points After Key Economic Data; Apple Stock Dives On Downgrade (Investors Business Daily).

Top Economic Research Firm Warns There’s A 98% Chance Of A Global Recession

Traders watch the price of X Financial, a Chinese technology personal finance company, following the company's IPO on the floor of the New York Stock Exchange (NYSE) in New York, U.S., September 19, 2018. Brendan McDermid/Reuters © Brendan McDermid/Reuters  

CNN: There’s a 98% chance of a global recession, research firm warns 

New York CNN Business — Warning lights are flashing in the global economy as high inflation, drastic rate hikes and the war in Ukraine take their toll. 

There is currently a 98.1% chance of a global recession, according to a probability model run by Ned Davis Research. 

The only other times that recession model was this high has been during severe economic downturns, most recently in 2020 and during the global financial crisis of 2008 and 2009. 

“This indicates that the risk of a severe global recession is rising for some time in 2023,” economists at Ned Davis Research wrote in a report last Friday.  

Read more ....  

Update: There's now a 98% chance of a global recession - which signals a severe downturn and more downside risk for stocks, research group says (Markets Insider)  

WNU Editor: The Ned Davis Research firm is not the only one predicting a global recession .... World Bank Warns For Global Recession In 2023 Amid Economic Slowdown, Here's What We Know So Far. 

As to what is my take/prediction/worry. Most countries are now in a recession. My biggest fear is that if credit markets crash, as was the case in the UK today (link here), and interest rates continue to rise coupled with an ongoing energy crisis in Europe, most countries will be in a technical depression by the spring of 2023.

World Bank Warns Of Global Recession

BBC: World Bank: Global rate hikes could trigger 2023 recession 

Interest rate hikes by central banks around the world could trigger a global recession in 2023, the World Bank has said. 

Central banks have raised rates "with a degree of synchronicity not seen over the past five decades" to tackle soaring prices, it said. 

 Raising rates makes borrowing more expensive to try to bring down the pace of price rises. 

But it also makes loans more costly, which can slow economic growth. 

The warning from the World Bank comes ahead of monetary policy meetings by the US Federal Reserve and Bank of England, which are expected to increase key interest rates next week.  

Read more ....  

WNU Editor: If you use the metrics that were used in the past to measure inflation, unemployment, and economic growth, the data would say that we have been in a recession since this summer. 

World Bank Warns Of Global Recession  

Risk of Global Recession in 2023 Rises Amid Simultaneous Rate Hikes -- World Bank  

World Bank warns higher interest rates could trigger global recession -- The Guardian/Reuters  

Global Recession Looms Amid Broadest Rate Hikes in Five Decades, World Bank Says -- Bloomberg  

World Bank forecast indicates possible global recession in 2023 -- UPI  

The World Bank warns the risk of a ‘global recession’ is rising as central banks worldwide raise rates simultaneously -- Fortune  

How central banks are risking a global recession -- Axios