UnionBudget 2023-24: The global economy, battered with Covid pandemic as well as Russia-Ukraine war, seems to be plummeting into recession followed by awful layoffs in major tech companies that could potentially exacerbate the woeful situation of supply-demand mismatch. The interest-rate hikes by US federal reserve and other major central banks in order to cool down northward inflation have dampened the spirit of consumer spending throwing the disrupted supply-demand chain further from frying pan to the fire. Speculation is rife, as experts suggest, that there is a 50 per cent chance of global recession in 2023 and 75 per cent chance of it happening in the next two years.
