As the year 2022 comes to a close and 2023 begins, there is growing concern about the global economy, which is on the verge of a recession. The Russian invasion of Ukraine and the resurgence of a new strain of COVID-19 (Omicron) in China have only exacerbated the problem. According to the Organisation for Economic Cooperation and Development (OECD), global growth is expected to slow to a 2.2% pace in 2023, down from 3.1% this year, before rebounding modestly in 2024. The report states that the leading economies of the world are sliding into a recession, as the global energy and inflation crises triggered by Russia’s invasion of Ukraine have cut growth by more than previously anticipated. This means that higher inflation and slower growth are the harsh consequences of Russia’s war in Ukraine for the global economy.
The International Monetary Fund (IMF) has also issued a bleak assessment, stating…
