Citi sees lower probability of global recession in 2023

Citigroup economists on Wednesday said the probability of a global recession has decreased, and are now predicting a less hard landing, after China abandoned its zero-COVID policy and inflation in the United States showed signs of cooling.

The Wall Street bank now sees a 30% chance of a recession this year, down from 50%. It also highlights a less severe winter in Europe, softening the blow from the Russia-Ukraine gas shock.