A global recession is likely in 2023.So says the World Economic Forum. The prospects for growth in 2023 are bleak, especially in Europe and the US.

The global economy is in a precarious position. The current high inflation, low growth, high debt and high fragmentation environment reduces incentives for the investments needed to get back to growth and raise living standards for the world's most vulnerable. Globally businesses are expected to cut costs significantly in response to economic headwinds. Geopolitical tensions may continue to shape the global economy. Further monetary tightening is expected in the United States and Europe.

This wider economic shift will likely reverberate through trade, investment, labour and technology flows, creating myriad challenges and opportunities for business. Leaders, says the World Economic Forum, must look beyond today’s crises to invest in food and energy innovation, education and skills development, and in job-creating, high-potential markets of tomorrow.

One positive signal is that supply chain disruptions are not expected to cause a significant drag on business activity in 2023. At the same time, some economies in the South Asia region, including Bangladesh and India, may benefit from global trends such as a diversification of manufacturing supply chains away from China.