World economy is headed for a recession in 2023, researchers say

High-interest rates take a toll as inflation remains a threat.

China is now not set to overtake the US as the world’s largest economy until 2036 at the earliest — six years later than expected.

The world faces a recession in 2023 higher borrowing costs aimed at tackling inflation cause a number of economies to contract, according to the Centre for Economics and Business Research.

The global economy surpassed $100 trillion (€94.12 trillion) for the first time in 2022 but will stall in 2023 as policymakers continue their fight against soaring prices, the consultancy firm said in its annual World Economic League Table.