Major Economies Are Heading into Recession
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Major Economies Are Heading into Recession
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A major financial services group is predicting big economic problems. We must pray for supernatural intervention in our economy.
From CNBC. Many of the world’s leading economies will fall into a recession within the next 12 months as central banks move to aggressively tighten monetary policy to fight surging inflation, according to the chief economist at brokerage firm Nomura holdings.
Who is praying on the wall?
“Right now central banks, many of them have shifted to essentially a single mandate — and that’s to get inflation down. Monetary policy credibility is too precious an asset to lose. So they’re going to be very aggressive,” Rob Subbaraman … told CNBC’s “Street Signs Asia” on Tuesday.
“That means front loading rate hikes. We have been pointing for several months about the risks of a recession and we’ve bitten the bullet. And now we have many of the developed economies actually falling into recession,” he added.
In addition to the U.S, Nomura expects recessions in the euro zone, the U.K., Japan, South Korea, Australia and Canada next year, the brokerage firm said in a research note….
U.S. recession: shallow but long
In the U.S., Nomura forecasts a shallow but long recession of five quarters starting from the final quarter of 2022….
The Fed increased its benchmark interest rate by 75 basis points to a range of 1.5%-1.75% in June, and Chair Jerome Powell has indicated there could be another hike of 50 or 75 basis points in July….
Risks facing mid-sized economies
In the research note, Nomura underlined several mid-sized economies — including Australia, Canada and South Korea — that have had debt-fueled housing booms. They are at risk of deeper-than-forecast recessions if interest rate hikes trigger housing busts and deleveraging, the report said.
“The odd one out is China, which is recovering from recession as the economy unlocks amid accommodative policies…” the note said.
“If central banks do not tighten monetary policy to get inflation down now, the pain to the economy of moving to a high inflation regime” and getting stuck there is far greater, warned Subbaraman….
How are you praying for our economy? Share your thoughts and prayers below.
(Excerpt from CNBC. Photo Credit: Canva)
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Father God Jehovah-we come to you in the Name of Jesus and ask you to speak to the hearts of the leaders of the nation’s of the earth who are playing God by creating their so-called “New World Order” without You and leading the nations astray by their wicked laws that oppress the people. . But I know Lord that you are the creator of mankind, the world and everything in it, and it is time we all repent of our wicked ways and return to you, so you can forgive us of our sins and heal our lands. Lord Jehovah, birth a spirit of Repentance in our hearts that will bring forth Revival in the nation’s of the earth so mankind will reject evil return to your righteousness, and souls will flood into your kingdom for the Glory of God in Jesus Name. Amen!!