- Chief Economists are mostly in agreement that the outlook for the economy is bleak and that recession is likely.
- This new reality will take its toll on inequality and widening societal gaps.
- Four experts explain how policies might address the immediate crisis with an eye to beefing up resilience in the long term.
The latest World Economic Forum Chief Economists Outlook suggests a global recession is “somewhat likely” and the fallout will take its toll on inequality. Just this week, the OECD put out a similar message in its interim report, warning that recent indicators have “taken a turn for the worse”.
Chief Economists have been nearly unanimous in predicting wages to fail to keep pace with surging prices, with nine in ten expecting real wages to decline in low-income economies in 2022 and 2023, alongside 80% in high-income economies.
This will see a continuing…
