Amid multiple headwinds, such as Russia’s invasion of Ukraine, interest rate increases to contain inflation, and lingering pandemic effects such as China’s lockdowns and disruptions in supply chains, the International Monetary Fund (IMF) has warned of a gloomier global economic outlook for 2023.
On top of it, JPMorgan Chase & Co. (JPM) economists expect the economy to contract by 0.5% by the fourth quarter of next year and possibly drag into 2024. The investment bank predicts a mild recession in the United States in the back half of next year, given expectations of further monetary tightening by the Fed in its battle against inflation.
