GLOBAL RECESSION

Global Recession

Global economists and analysts fear that the world might go towards a global recession in the coming days. The US economy is the center of the world’s economy. This center of hopes started declining last summer, and there have been no improvements. The economic growth has significantly slowed down between 2021 and 2022. 

REASONS

The Russia-Ukraine conflict is one of the main reasons for this global recession. This conflict has created severe economic head-downs due to a tussle between two superpowers. Moreover, China hasn’t yet recovered from Covid. Lockdowns in Chinese territory have severely affected supply chains, boosting inflation and slowing down economic growth. Furthermore, the US Federal Reserve has injected millions of dollars into the economy in the past two years. The excessive rolling out of currency has worsened the condition even more, leading towards global recession. 

REPERCUSSIONS

The Covid-19 and fuel shocks resulting from the Russia-Ukraine war have affected the growth of 143 countries in the world. Food inflation is getting out of hand, and petroleum prices have hiked up to their extreme. Stock markets around the globe have been bearish. It’s not just China or the US or Russia that has suffered. The whole world is feeling the repercussions of these uncertain conditions leading to global recession. According to CEO Tesla Elon Musk, this global recession can live up to as long as 18 months!

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