According to economist, the economy is on the verge of entering a second worldwide recession, which will be the second one in the same decade after 2021 and 2022’s recession caused by COVID-19.
The thing is, we have not had two of those in the same decade in the last 80 years, which is a cause of concern for concern according to the World Bank, who also lowered their expectations for economic growth worldwide this last Thursday.
They have announced an expected economic growth of only 1.7% this year, worldwide, and the biggest factor for this reduction would be the developing countries, since those were the most affected after the 2021 pandemic.
They also mentioned that they expect a 2.7% growth for 2024, which is the same number they were expecting in 2020 before the COVID-19 break out in Wuhan, China, that expanded worldwide.
The inflation, the aggressive central bank policies, deteriorating financial conditions around the world and the deteriorating effects of the occupation of Ukraine by Russia, have all had a significant effect in the economic panorama, for the worst.
In the case of the United States, it’s projected that their economy in 2024 will grow by just 0.5%, a very low number in comparison to the last couple decades, the European Union has an even worse projection, with no positive nor negative change expected for 2024, because of their currency, the Euro, being heavily affected by the Ukrainian invasion.
China, however, is expecting a 4.3% growth, almost picking up the pace they had before the COVID incident.
