Multi-decade high inflation, the war in Ukraine, China’s strict COVID-19 policy, and rapid interest rate hikes have raised global recessionary fears and led to a massive sell-off in the equity market.
However, thwarting downturn fears, the U.S. economy grew substantially in the third quarter. Real gross domestic product (GDP) increased at an annual rate of 2.9% in the third quarter of 2022 versus a decrease of 0.6% in the second quarter, based on the increases in exports and consumer spending.
