The global economy is headed toward a recession as it tries to deal with the pressures of inflation, according to the Centre for Economics and Business Research (CEBR), which foresees China overtaking the United States economically by 2036.
“It’s likely that the world economy will face recession next year as a result of the rises in interest rates in response to higher inflation,” Kay Daniel Neufeld, director and head of Forecasting at CEBR, said to Bloomberg. According to the World Economic League Table 2023, a CEBR report (pdf) published this month, the global economy experienced an inflationary shock in 2022 of a magnitude unseen since the beginning of the 1970s….