Citi: China is hurling the world into global economic recession

55% chance of global recession

Citi's global economics team has warned that a further collapse in the Chinese economy will likely push the rest of the world into recession within the next year.

The bank’s economists said that a hard landing for China and other emerging markets would pull productivity down and quash global economic activity, according to the Telegraph. Willem Buiter (pictured), the bank’s global chief economist, said: “There is a high and rising likelihood of a Chinese, emerging market and global recession playing out”. The team now believes that there is a 55% chance of a global recession occurring in the next year. It added that the global economy would be likely to stay in recessionary territory for much of 2017. It also believed that there is a 15% cha...