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A series of “rolling country recessions” is likely, the boss of the Wall St banking giant Citigroup has warned.

Jane Fraser told a panel at the World Economic Forum that with “different counties are in very different positions” and central banks interest rate increases likely it is a “choppy time in the world”.

“We are expecting to see a rolling series of country recessions around the world.

“It’s been a warmer winter in Europe. We’ve obviously seen some very good news from economic opening – a slightly more bent to market friendly measures in China as they open up ,albeit with a short term cost on the human health component.

“In the States [there is] a very strong labour market and what is likely to be a recession there, but something that is pretty manageable.”

The new IMF forecasts for the global economy, due at the end of the month, will be “in the ballpark of what we put out in October,” she said.

“After going through about three rounds of downgrades at least we don’t have a worse outcome we’re looking at this time around.”

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Davos day 2: UN chief Guterres accuses big oil of peddling big lie on climate change; businesses fear catastrophic… https://t.co/ZjHbsLjP7N

Posted on: 2023-01-19 13:20