This, according to the latest survey by the World Economic Forum (WEF) as they set out the backdrop ahead of their annual meeting in Davos. Some 18% of respondents also considered that a recession would be "extremely likely" - more than twice as many as compared to the previous survey conducted in September last year.
Some other findings from the survey:
- 9/10 respondents expect both weak demand and high borrowing costs to weigh on firms
- This should lead to cost-cutting and reduction of operational expenses via layoffs
- Supply chain disruptions not expected to cause a significant drag this year
- Cost-of-living crisis may be nearing its peak, with 68% of respondents expecting it to become less severe by the end of 2023
