World economy is headed for a recession in 2023, researcher says
The Centre for Economics and Business Research warned that the world faces a recession in 2023 with higher borrowing costs aimed at tackling inflation causing a number of economies to contract.
SA has averted a technical recession, key data suggestsIt also predicted that:India will become the third $10 trillion economy in 2035 and the world's third-largest by 2032The UK will remain the world's sixth largest economy, and France seventh, over the next 15 years but Britain is no longer set to grow faster than European peers due to "an absence of growth-oriented policies and the lack of a clear vision of its role outside of the European Union."Emerging economies with natural resources will get a "substantial boost" as fossil fuels play an important part in the switch to renewable energyThe global economy is a long way from the $80,000 per capita GDP level at which carbon emissions decouple from growth, which means further policy interventions are needed to hit the target of limiting global warming to just 1.5 degrees above pre-industrial levels.
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