USA: On Wednesday, Citigroup predicted that global growth will fall to less than 2% in 2019, echoing predictions made by other important financial institutions such as Goldman Sachs, Barclays and JP Morgan.
Strategists at the brokerage attributed the outlook to ongoing difficulties due to the COVID-19 pandemic and the Russia-Ukraine war, which has led to inflation hitting historic highs and resulting in aggressive policy tightening.
According to Citi Strategists, led by Nathan Sheets, "We expect a country-level 'rolling' recession will continue to negatively impact global performance in the year ahead.
The Wall Street investment bank also predicted that the US economy would grow by 0.7% in 2023, up from its earlier forecast of 1.9% growth in 2022.
Next year, it forecasts annual US inflation to be 4.8%, with the US Federal Reserve's target interest rate expected to be between 5.25% and 5.5%.
Citi predicts that the UK and the euro zone, among other regions, will experience recession by the end of this year as both economies deal with energy supply heat and demand shortfalls, as well as tighter monetary and fiscal policies.
According to Citi, the UK and euro area will shrink by 1.5% and 0.4% respectively in 2023.
The brokerage estimates that with the Chinese government relaxing its zero-Covid policy, the country's GDP is expected to grow by 5.6% in 2019.
Meanwhile, emerging markets are seeing growth of 3.7% with India's 5.7% growth - slower than the 6.7% predicted this year - seen leading major economies.