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Some economists have started to see a strong possibility of<a target="_blank" href="https://mintgenie.livemint.com/news/markets/recession-what-is-it-should-you-be-worried-now-151653557663876"> recession</a> as inflation remains high while the beginning of aggressive rate hikes is expected to slow economic growth.

As per a <a target="_blank" href="https://www.livemint.com/politics/news/recession-risk-is-rising-economists-say-11649684027275.html">Mint report</a>, "economists surveyed by The Wall Street Journal have raised the probability of recession, now putting it at 44 percent in the next 12 months, a level usually seen only on the brink of or during actual recessions."

Economists have been talking about a recession this year as inflation has shot up to multi-year high levels in major economies, prompting central banks to lift rates steeply higher.

"Economists on average put the probability of the economy being in a recession sometime in the next 12 months at 28 percent in the Journal’s last survey in April and at 18 percent in January," the Mint report further added.

As per a <a target="_blank" href="https://mintgenie.livemint.com/news/markets/us-recession-this-year-is-now-more-likely-than-not-nomura-151655700606272">Bloomberg report</a>, economists at Nomura Holdings Inc believe the US economy may fall into a mild recession by the end of 2022 as the Federal Reserve raises rates.

“With rapidly slowing growth momentum and a Fed committed to restoring price stability, we believe a mild recession starting in the fourth quarter of 2022 is now more likely than not,” Bloomberg reported, quoting Nomura economists Aichi Amemiya and Robert Dent wring it in a note.

A recession is a temporary economic phase in which trade and industrial activities decline and it is generally identified by a fall in the gross domestic product (GDP) in two successive quarters.

However, a recession is different from depression. Depression is a stronger, longer and more severe version of a recession. Recessions are mild while depressions are more severe.

Economists see probability of a recession on soaring inflation, aggressive interest rate hikes

stock markets

<ul><li>Economists have been talking about recession this year as inflation has shot up to multi-year high levels in major economies, prompting central banks to lift rates steeply higher.</li></ul>

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