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Risk of Global Recession by End of Year Rises on High Inflation

  • Forecasts hit by China property slowdown, Russia’s invasion
  • PIIE report is latest flagging a slowdown amid price shock
A driver refuels a vehicle at a SK Energy Co. gas station in Gimpo, South Korea.
A driver refuels a vehicle at a SK Energy Co. gas station in Gimpo, South Korea.Photographer: SeongJoon Cho/Bloomberg

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The global economy is set for a step back by the end of the year, and recession risks are elevated against the backdrop of Russia’s invasion of Ukraine and Covid-19 shutdowns in China, according to the Peterson Institute for International Economics.