India brightest spot amid slowdown fears: WEF survey

CHIEF ECONOMISTS ACROSS the world expect the global economic growth to weaken over the next one year, but India stands out as a geography with the strongest growth expectations, a new WEF survey showed on Thursday.

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In its latest Chief Economists’ Outlook, the World Economic Forum (WEF) said nearly nine in ten chief economists surveyed expect global growth to weaken over the coming year, though only 13% think there could be a global recession.

According to the survey, 94% expected global inflation to rise due to the closure of the Strait of Hormuz driving up energy and food costs and disrupting supply chains. The survey showed a reversal of the cautious optimism seen at the start of the year, as conflict in West Asia and the closure of the Strait of Hormuz fuel concerns over a major global economic shock.