WATCH: The week in perspective

The global economic outlook remains downbeat and some countries are expected to slip into recession in 2023, but it is too early to say if there will be a widespread global recession, the IMF said on Thursday. In July, the IMF revised down global growth to 3.2% in 2022 and 2.9% in 2023. It will release a new outlook in October.

In comparison, the World Bank said the world could be edging towards a global recession in 2023 as central banks across the world simultaneously hike interest rates to combat persistent inflation. The world’s three largest economies — the US, China and the eurozone — have been slowing sharply, and even a “moderate hit to the global economy over the next year could tip it into recession”, it said.

Meanwhile US President Joe Biden and President Cyril Ramaphosa are due to meet in Washington on Friday to discuss various top-level matters in very changed world as John Kerry has said it’s up to Biden to put something on the table for the $8.5bn Just Transition deal.

Michael Avery spoke to Warwick Lucas, head of Galileo Securities; Isaah Mhlanga, chief economist at Alexforbes; and Raymond Parsons, professor in the School of Business and Governance at North West University.

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