A difficult year ahead for the global economy is set to hit some countries harder than others. Now in 2023, many bankers, economists, and business leaders have said to brace for a global economic contraction that will send many countries into a recession.
As much as one-third of the global economy could enter recession this year, IMF director Kristalina Georgieva said over the weekend, warning of a “tough year” ahead for the world.
Recession in three major economies, the U.S., the EU, and China, will be the driving forces behind a global recession, as wealthy nations cannot escape economic slowdowns.
But with the lingering effects of the pandemic and the Ukraine War continuing to drag down growth for the rest of 2023, some developed countries are set to fare far worse than others.
The U.K. is facing a “deeper and more prolonged recession” than any nation in the G7, a global policy forum representing seven of the world’s most advanced economies, as economists say the U.K. will be burdened by a much longer recession than its peers, according to a Financial Times survey.
Economists agreed persistently high inflation, a shrinking workforce, declining trade relations with the EU, and a high exposure to the energy crisis sparked by the Ukraine War were the leading factors behind the U.K.’s comparatively grim prospects.
The brunt of the burden will likely fall on consumers as inflation rages while borrowing costs increase with the Bank of England raising interest rate hikes, the survey found.
Words used by economists to describe the consumer outlook for the next year ranged from “terrible” to “miserable.”
Proverbs 19:17 He that hath pity upon the poor lendeth unto the LORD; and that which he hath given will he pay him again.
Proverbs 22:9 He that hath a bountiful eye shall be blessed; for he giveth of his bread to the poor.
Proverbs 28:27 He that giveth unto the poor shall not lack: but he that hideth his eyes shall have many a curse.
Matthew 25:40 And the King shall answer and say unto them, Verily I say unto you, Inasmuch as ye have done it unto one of the least of these my brethren, ye have done it unto me.
Matthew 25:41 Then shall he say also unto them on the left hand, Depart from me, ye cursed, into everlasting fire, prepared for the devil and his angels:
Matthew 25:42 For I was an hungred, and ye gave me no meat: I was thirsty, and ye gave me no drink:
Matthew 25:43 I was a stranger, and ye took me not in: naked, and ye clothed me not: sick, and in prison, and ye visited me not.
Matthew 25:44. Then shall they also answer him, saying, Lord, when saw we thee an hungred, or athirst, or a stranger, or naked, or sick, or in prison, and did not minister unto thee?
Matthew 25:45 Then shall he answer them, saying, Verily I say unto you, Inasmuch as ye did it not to one of the least of these, ye did it not to me.
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