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Global economy to face recession as inflation hits decades high in many countries
Posted on August 29, 2022 |
- The consumers are facing generation-high inflation in spending and the central banks are tightening policy aggressively.
- The supply chain is yet to rebound from the coronavirus pandemic instead it has been further damaged by Russia's invasion of Ukraine and China's strict COVID-19 lockdowns.
- Europe is also facing a situation where the cost of living is increasing, the euro has dipped to a 20-year low against the dollar, gas prices are in a continuous upward trend and business contracted for a second month.
- In Britain, private sector growth has slowed as factory output fell, indicating a recession.
- In August, Japan's factory growth stalled at a 19-month low due to low output and new orders while Australia's combined Purchasing Managers' Index is down the 50 mark separating growth from contraction.
Image: Reuters