Global economy to face recession as inflation hits decades high in many countries

The consumers are facing generation-high inflation in spending and the central banks are tightening policy aggressively.
The supply chain is yet to rebound from the coronavirus pandemic instead it has been further damaged by Russia's invasion of Ukraine and China's strict COVID-19 lockdowns.
Europe is also facing a situation where the cost of living is increasing, the euro has dipped to a 20-year low against the dollar, gas prices are in a continuous upward trend and business contracted for a second month.
In Britain, private sector growth has slowed as factory output fell, indicating a recession.
In August, Japan's factory growth stalled at a 19-month low due to low output and new orders while Australia's combined Purchasing Managers' Index is down the 50 mark separating growth from contraction.

Image: Reuters

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