Political and business leaders gathering for the annual World Economic Forum in Davos said the global economy faces a growing list of threats, with some warning of a worldwide recession
DAVOS, Switzerland, May 23 - Multiple threats to the global economy topped the worries of the world's well-heeled at the annual Davos think-fest on Monday, with some flagging the risk of a worldwide recession.
"We have at least four crises, which are interwoven. We have high inflation ... we have an energy crisis... we have food poverty, and we have a climate crisis. And we can't solve the problems if we concentrate on only one of the crises," German Vice Chancellor Robert Habeck said. Asked at a panel whether she expected a recession, Georgieva said: "No, not at this point. It doesn’t mean it is out of the question."European Central Bank President Christine Lagarde, due to speak in Davos on Tuesday, has warned that growth and inflation are on opposing paths, as mounting price pressures curb economic activity and devastate household purchasing power.
"That could lead to supply chains becoming less efficient for a while and, during the transition, create more persistent cost pressures for the economy," Lagarde added. While the economic drag from the Ukraine crisis is being most keenly felt in Europe, it is the U.S. economy that is experiencing the greatest price pressures.
"We're not seeing it materialize in our business yet," Marriott International Inc Chief Executive Anthony Capuano said of the threat of recession, adding: "There continues to be pent-up demand."
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