LONDON—The global economy is increasingly at risk of sliding into recession, surveys showed on Tuesday, as consumers faced with generation-high inflation rein in spending while central banks are tightening policy aggressively just when support is needed.
And supply chains yet to recover from the coronavirus pandemic have been further damaged by Ukraine’s war and China’s strict COVID-19 lockdowns, hurting the manufacturing industry.
A myriad of purchasing managers’ surveys published on Tuesday from Asia to Europe to the United States showed business activity contracting and pointed to little hope of a turnaround anytime soon.
“Put simply, it’s the extremely high rates of inflation that is resulting in households having to pay more for the goods and services they have to buy which means they have less to spend on other items,” said Paul Dales at Capital….