Many major economies will enter recessions over the next 12 months amid tightening government policies and rising living costs, pushing the global economy into a synchronised growth slowdown, according to Nomura Holdings Inc. The brokerage expects the euro zone, the UK, Japan, South Korea, Australia and Canada to fall into recession along with the US, Rob Subbaraman and Si Ying Toh at Nomura said in a research note.
High inflation is likely to persist as price pressures have spread beyond commodities to services items, rentals and wages, the note said. The depth of recession will vary among nations. In the US, Nomura forecasts a shallow but long recession of five quarters starting from the final quarter of this year. In Europe, the slump could be much deeper if Russia entirely cuts off gas to Europe, the economists said.
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