What do the world's leading experts predict?

The World Economic Forum continues in Davos

At the annual meeting of the WEF, the forecast of leading economists was presented, according to which two-thirds of experts expect a global recession in 2023.

More broadly, chief economists expect the global landscape to remain challenging for business, with 100% of respondents expecting global geopolitical trends to continue to reshape the map of global economic activity along new geopolitical cracks and fault lines.

This broader economic shift is likely to affect the flows of trade, investment, labor, and technology, creating many challenges and business opportunities.

On the positive side, economists noted that disruptions in the supply chain are not expected to lead to a significant decline in business activity in 2023.

At a session on the resumption of trade, economic growth and investment, the World Trade Organization warned that deglobalization would have a negative impact on the world and especially on developing economies.

The question facing world leaders is how to create a new agenda for global growth. Speaking, Ngozi Okonjo-Iweala, Director General of the WTO, noted that the future of trade is services; digitized and green.

It should be noted that this year the WEF is attended by the largest number of political and business leaders, including more than 50 heads of state and government, 56 finance ministers, 19 central bank governors, 30 trade ministers and 35 foreign ministers.

Kazakhstan is represented at this event by the Chairman of the Agency for Strategic Planning and Reforms Aset Irgaliyev.

For reference:

WEF – the World Economic Forum, also known as the Davos Forum (Davos Summit) – is the largest international non-governmental organization. The main goal of the WEF is to improve the global state of the world through assistance to the world community in addressing issues of economic development and social progress.

Recession is a phase of the economic cycle when the economy falls and slows down. Recession comes when GDP has been declining for two quarters. During a recession, incomes of the population fall, prices rise, companies go bankrupt en masse, unemployment increases, social tension increases, etc.

WTO – The World Trade Organization is the only global international organization that regulates the rules of trade between its members. The WTO rules are a guideline for the development and practical application of national legislation in the field of trade and economic relations. The main goal of the organization is stable, predictable and free trade flows between its members.