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Many major economies will hit recessions over the next 12 months amid a rise in the cost of living and tightening government policies, Nomura Holdings Inc has said in a report, according to Bloomberg.

The brokerage firm expects the EU, the UK, Japan, South Korea, Australia, Canada and the US to enter into a recession, thereby pushing the global economy into a synchronized growth slowdown, Rob Subbaraman and Si Ying Toh at Nomura said in a research note.

They said that the central banks are likely to err by tightening the monetary policy in a bid to rein in inflation at the risk of sacrificing growth before cutting rates in 2023.

“Increasing signs that the world economy is entering a synchronized growth slowdown, meaning countries can no longer rely on a rebound in exports for growth, have also prompted us to forecast multiple recessions,” they wrote.

Nomura forecasts that the depth of recession will vary among nations. In the US, 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&nbsp;entirely cuts off gas to Europe, the economists said.&nbsp;

Watch |&nbsp;Gravitas: Several major economies stare at a recession

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The Japanese financial services firm Nomura sees both the US and the euro area economies contracting 1 per cent in 2023.&nbsp;

For mid-sized economies, including Australia, Canada and&nbsp;South Korea, there’s a risk of deeper-than-forecast recessions if interest rate hikes&nbsp;trigger housing busts, they said.

Japan is forecast to have the mildest recession of the group owing to ongoing policy support and its delayed economic reopening, they added.

China is an outlier as its economy recovering with the help of accommodative policies, though it remains at risk of renewed lockdowns as long as Beijing sticks to its zero-Covid strategy, they said.

(With inputs from agencies)

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Many major economies will hit recessions over the next 12 months amid a rise in the cost of living and tightening government policies, Nomura Holdings Inc has said in a report, according to Bloomberg.

Many major economies will hit recessions over the next 12 months amid a rise in the cost of living and tightening government policies, Nomura Holdings Inc has said in a report, according to Bloomberg. The brokerage firm expects the EU, the UK, Japan, South Korea, Australia, Canada and the US to enter into a recession, thereby pushing the global economy into a synchronized growth slowdown, Rob Subbaraman and Si Ying Toh at Nomura said in a research note. They said that the central banks are likely to err by tightening the monetary policy in a bid to rein in inflation at the risk of sacrificing growth before cutting rates in 2023. “Increasing signs that the world economy is entering a synchronized growth slowdown, meaning countries can no longer rely on a rebound in exports for growth, have also prompted us to forecast multiple recessions,” they wrote. Nomura forecasts that the depth of recession will vary among nations. In the US, 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. Watch | Gravitas: Several major economies stare at a recession The Japanese financial services firm Nomura sees both the US and the euro area economies contracting 1 per cent in 2023. For mid-sized economies, including Australia, Canada and South Korea, there’s a risk of deeper-than-forecast recessions if interest rate hikes trigger housing busts, they said. Japan is forecast to have the mildest recession of the group owing to ongoing policy support and its delayed economic reopening, they added. China is an outlier as its economy recovering with the help of accommodative policies, though it remains at risk of renewed lockdowns as long as Beijing sticks to its zero-Covid strategy, they said. (With inputs from agencies) WATCH WION LIVE HERE

Major economies to enter recession in the next 12 months: Report

Whoever does take over as the next conservative party leader and UK's next Prime Minister is going to have to deal with a cost of living crisis and rising inflation. The Bank of England has warned of a further interest rate rise, this alongside vowing to try and bring inflation down.

United Kingdom: Bank of England vows to bring down inflation

Recession fears are clouding the global demand outlook amid the ongoing Russia-Ukraine war. Now, Brent crude slipped below $100 a barrel.

Oil from US reserves sent overseas; Brent crude slips below $100 a barrel

US job openings fell less than expected in May, pointing to a still tight labor market that could keep the Federal Reserve on an aggressive monetary policy path as it battles high inflation.

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Amid a strong server-chip demand, Samsung elec posted higher Q2 profit. Revenue is up 21% from same period last year.

Samsung elec posts higher Q2 profit | Strong server-chip demand

Nearly 12 major economies are staring at a recession, this includes big nations like United States, United Kingdom, Japan, South Korea, Australia, Canada.

Global recession fears: Major economies headed into recession?

Amazon may face a probe in the UK for giving unfair advantage to Amazon's vendors. Practices are affecting sellers on domestic marketplace.

Possible UK probe on Amazon for giving unfair advantage to Amazon's vendors

Germany recorded its first monthly trade deficit since 1991 in May as a result of higher import prices, show figures released. The Federal Statistical Office said exports reached $131.5 billion last month.

First export deficit for Germany in over 30 years

In US, over 22,000 workers in the tech and startup sector have lost their jobs in 2022. Also more than 12,000 employees have been fired in the Indian startup ecosystem.

Over 22,000 techies lose jobs in US, Indian startups fire 12,000 employees

India’s financial crime-fighting agency ED on Tuesday raided the offices of smartphone maker Vivo, owned by China’s BBK Electronics, and its related entities.

India's financial crime agency ED raids Chinese-owned Vivo

India's services sector logged its fastest growth in over 11 years after June month’s service activities improved further as per the the S&P Global India Services Purchasing Managers' Index (PMI) survey.

India's June services growth fastest in over 11 years

Singapore Airlines said it expects passenger capacity to reach about 81% of pre-pandemic levels by December as flyers rush to the skies after the easing of COVID-19 curbs.

Singapore Airlines expects to inch closer to pre-pandemic capacity by 2022-end

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Tesla deliveries fall for first time in two years amid snags

Macroeconomic and geopolitical tensions are impacting many industries in the world but there are some sectors that are still positive and optimistic about growth prospects. One such company is global diamond giant De Beers. WION's Business Editor Sumit Chaturvedi spoke to Mark Jacheet, CEO, De Beers Brands on diamond industry.

Cautiously optimistic about growth of diamond industry, says Mark Jacheet

Inflation in Turkey rose close to 79% last month, the highest the country has seen in a quarter of a century. The annual inflation rate was 78.62% for June, according to the Turkish Statistical Institute, surpassing forecasts.

79% jump in Turkiye inflation highest in 24 years

Norwegian offshore workers began a strike on Tuesday that will reduce oil and gas output. Workers are demanding wage hikes to compensate for rising inflation.

Norwegian oil and gas workers start strike, cutting output

Egypt's Suez Canal revenue hit a record high of $7 billion in the financial year to June 30, up 20.7% from the previous year.

Egypt's Suez Canal records highest ever annual revenue of $7 billion