Recession Looms As the Inequality Between Rich and Poor Grows

Recession Looms , As the Inequality Between , Rich and Poor Grows .

People all around the world are experiencing record-high inflation as prices for essentials like food, housing, heating and transport continue to rise.

People all around the world are experiencing record-high inflation as prices for essentials like food, housing, heating and transport continue to rise.

People with low incomes have been hit the hardest as double-digit inflation has exacerbated inequality all around the world.

People with low incomes have been hit the hardest as double-digit inflation has exacerbated inequality all around the world.

While high-income consumers can fall back on savings, many others have struggled to make ends meet with a growing number of households dependent on food banks.

While high-income consumers can fall back on savings, many others have struggled to make ends meet with a growing number of households dependent on food banks.

Despite strikes in sectors from healthcare to aviation, most workers have been forced to settle for wages that continue to fall well below the rising cost of living.

Despite strikes in sectors from healthcare to aviation, most workers have been forced to settle for wages that continue to fall well below the rising cost of living.

Global inflation has increased poverty and suffering in poorer nations like Haiti, Sudan and Lebanon.

Global inflation has increased poverty and suffering in poorer nations like Haiti, Sudan and Lebanon.

According to the World Food Program, 70 million people have been driven closer to starvation globally since the beginning of the Ukraine war.

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The International Monetary Fund (IMF) predicts that global inflation will have fallen to 4.7% by the end of 2023.

However, in October, the IMF's 2023 outlook was one of , the bleakest in years.

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In short, the worst is yet to come and for many people, 2023 will feel like a recession, International Monetary Fund October Outlook, via Reuters