Asian markets report growing risk of recession Many central banks have raised interest rates as the recession has persisted. According to Bloomberg survey reports, inflation in various countries is soaring to an all-time high. Sri Lanka is the country that has been hit the hardest by economic recession. Experts have found that there is an 85 percent chance that Sri Lanka will fall into economic crisis next year.
Apart from Sri Lanka, countries such as New Zealand, Taiwan, Australia and the Philippines have 33 per cent, 20 per cent, 20 per cent and 8 per cent chances of recession respectively. Central banks in these countries have already raised interest rates.
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China has only a 20 percent chance of entering a recession. Also, Korea and Japan have a 25 percent chance of facing a recession.