Is the world on the brink of another global recession?

The global economy's 2023 outlook is ... bleak. Why? Ayhan Kose, the World Bank’s chief economist for Equitable Growth, Finance, and Institutions, says that unlike the 2009 and 2020 global recessions, next year's likely slowdown in economic activity — coupled with growing inflation — could be more like the one of 1982, which also came with a string of debt crises.

And with growing food insecurity and climate change challenges ahead, for emerging markets and low-income countries, “things are going to get worse before they get better,” Kose says. “That’s why the global community has to show willingness, consensus, and at the same time, financing, to address these problems.”

Kose spoke with Shari Friedman, Eurasia Group's Managing Director, Climate and Sustainability in a Global Stage interview on site at the World Bank/IMF fall meetings in Washington, DC.