Deutsche Bank, Citi warns of 50% Recession Chance worldwide
By MYBRANDBOOK
Christian Sewing, Deutsche Bank AG’s Chief Executive Officer warned the global economy may be headed for a recession as central banks step up efforts to curb inflation, joining a growing chorus of executives and policy makers who are painting a pessimistic picture.
Speaking at the Future of Finance summit in Frankfurt, Christian Sewing said the global economy is buckling under multiple strains, from supply-chain issues in China to rising food prices, particularly in the poorest countries. While the bank had predicted for some time that interest rates would rise to curb price increases, the pace at which central banks are now expected to tighten surprised him, he said.
In an interview he said, “At least I would say we have 50% likelihood of a recession globally”. In the US and Europe, “the likelihood of a recession coming in the second half of 2023, while at the same time the interest rates go up, is obviously up versus the forecasts we had before the war broke out” in Ukraine.
His comments came on the same day that analysts at Citigroup Inc. made a similar prediction, citing supply shocks and higher interest rates. Sewing said despite the impact on economic growth, he supported the actions by central banks including the US Federal Reserve because they’re needed to bring down inflation, which he called a risk to democracy, to a more sustainable level.
Citigroup now sees the world economy growing 3% this year and 2.8% in 2023. Its economists said if a recession did occur it was likely to be a “garden variety” one in which unemployment rises several percentage points and output experiences a couple of weak quarters.
BREAKING NEWS
TECHNO TRENDS
U.S. Govt announces $10Mn reward for giving information on Con
Although the Conti brand has been terminated, its members are still active,...
NCLT approves demerger of Piramal Enterprises
The Hon’ble National Company Law Tribunal has approved the demerger of ...
Vulnerabilities in Xiaomi Phones could have led Hackers to For
Check Point Research (CPR) identified vulnerabilities in Xiaomi’s mobile...
Cisco Fixes Bug Affecting ASA and Firepower Solutions
Cisco has confirmed a breach of its network, the Yanluowang ransomware gro...
E-Magazine
TECHNOTAINMENT
Samantha Prabhu buys the house where she used to live with Nag
Veteran actor and film producer Murali Mohan has said that actor Samanth
There is nothing unusual in a mother giving the child her seco
In an important decision for women who re-marry, the Supreme Court in its
MOVERS & SHAKERS
Cohesity names Sanjay Poonen as its CEO and President
The next-gen data management company, Cohesity announced the appointment
Capgemini India appoints Aarti Srivastava as its new CHRO
Capgemini has announced the appointment of Aarti Srivastava as Chief Huma
OPEN YOUR EYES
INTERVIEWS
Acuutech continues to deliver support solutions to constantly
Acuutech with its strong partnership with Lenovo and Microsoft forayed into
A10 delivers to its customers secured applications that perfor
A10 Networks believes in growing its business by being a preferred partner
HOT PICK
Sharp unveils a new affordable A3 Mono Multifunctional Printer
SHARP Business Systems (India) Pvt. Ltd, a wholly-owned Indian subsidiary
vivo launches Y75 smartphone in India at Rs 20,999
vivo expanded its Y Series portfolio in India with the launch of vivo Y75
MAKE IN INDIA BRANDS
DRUVA SOFTWARE
HFCL- HIMACHAL FUTURISTIC COMMUNICATIONS LTD
EXIDE INDUSTRIES LTD.
GAJSHIELD INFOTECH INDIA PVT LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India 2022: ANANT MAHESHWARI
Icons Of India 2022: ANANT MAHESHWARI...
Icons Of India 2022: AMIT CHADHA
Icons Of India 2022: AMIT CHADHA...
Icons Of India : DEEPINDER GOYAL
Icons Of India : DEEPINDER GOYAL...
VARINDIA ANNIVERSARY
Star Nite Award 2022
ITFORUM 2022
CMO of the Year
Panel Discussion Session I
Panel Discussion Session II
Panel Discussion Session III
Women leadership in Technology Sales
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
MOST TRUSTED BRANDS
