The global economy is increasingly at risk of sliding into recession, surveys showed, as consumers faced with generation-high inflation rein in spending while central banks are tightening policy aggressively just when support is needed.

And supply chains yet to recover from the coronavirus pandemic have been further damaged by Russia's invasion of Ukraine and China's strict COVID-19 lockdowns, hurting the manufacturing industry.

A myriad of purchasing managers' surveys from Asia to Europe to the United States showed business activity contracting and pointed to little hope of a turnaround anytime soon.

[Reuters, Aug 23, 2022]