Winter is coming. Global recession, too?

Inflation is on the rise, at a rate we haven't seen in through in decades. Is a global recession inevitable? Ian Bremmer speaks to Kristina Georgieva, Managing Director of the International Monetary Fund and David Malpass, President of the World Bank, on the GZERO World podcast. Both guests are leading global efforts to get inflation under control, lift millions out of extreme poverty and prevent the next global recession. Whether they’ll succeed is very much an open question.

 

Malpass says the chances of a global recession in 2023 are 50/50, though he is more worried that the middle-income and poorest countries are moving backward in education, health, food insecurity, and capital flows. He also clarifies his views on climate change.

 

Georgieva says the risk of a global recession has gone up due to three major reasons: the big global economies are slowing down, inflation is speeding up, and the world’s global order is fragmenting. She also explains how Europe should brace itself for a dark winter, even though the next one will be even harder. The silver lining, however, is that Europe is going to accelerate its green transition.