The Great Recession 2.0? The World Economic Forum's Chief Economist Outlook for 2023.

According to the World Economic Forum's Chief Economist Outlook for 2023 indicates that the global economy is near to a recession period, 20% of respondents predicted global recession in World Economic Forum. However there are some bright spots, including easing inflation and improving consumer sentiment . The outlook varies across the regions, some countries expect to grow in recession, whereas other will suffer from this recession. 

The Western regions of the Globe, including United States are poised to be at the center of this upcoming economic recession, that was initially started with surge in demand after the Covid-19 pandemic, coupled with short supply and an increasing inflation rate. This unfortunate series of events has led to the onset of this recession. Furthermore, recent layoffs of large tech companies in Silicon Valley are considered to be a significant milestone of this recession, resulting in the collapse of several banks in the region. Moreover, U.K's industry is already on life support, as its imports make only a negligible contribution to the economy. Meanwhile the European nations are grappling with a recession that is manifesting in the form of soaring prices, inadequate energy supplies, and inflation. The root cause of this downturn is the Russia-Ukraine war. A recent report indicates that 90% of the respondents believe that the United States, the United Kingdom, and the European Union will bear the brunt of the upcoming recession.

Global economic downturn is expected to have varying impacts on different regions, with Asia emerging as the region that stands to gain the most. However, the degree of growth is expected to vary across sub-regions, with some experiencing strong growth while others experience only moderate growth. The Middle East is projected to be the biggest beneficiary of the recession, with countries such as the UAE, Oman, Qatar, and Saudi Arabia all predicted to experience strong economic growth during this time. South Asian and Southeast Asian nations are projected to experience moderate growth, with emerging economies like India, Bangladesh, Vietnam, the Philippines, Malaysia, and Indonesia leading the way. However, East Asian countries such as China and Japan, may face significant challenges due to their heavy dependence on Western trade, which is likely to be adversely affected by the impending recession.