‘World Bank warning: Global economy is at risk of recession’
(Unsplash photo)
The Associated Press reported the following:
World Bank warning: Global economy is at risk of recession
January 10, 2023
The global economy will come “perilously close” to a recession this year, led by weaker growth in all the world’s top economies — the United States, Europe and China — the World Bank warned Tuesday.
In an annual report, the World Bank, which lends money to poorer countries for development projects, said it had slashed its forecast for global growth this year by nearly half, to just 1.7%, from its previous projection of 3%. If that forecast proves accurate, it would be the third-weakest annual expansion in three decades, behind only the deep recessions that resulted from the 2008 global financial crisis and the pandemic in 2020.
Though the United States might avoid a recession this year — the World Bank predicts the U.S. economy will eke out growth of 0.5% — global weakness will likely pose another headwind for America’s businesses and consumers, on top of high prices and more expensive borrowing rates. The United States also remains vulnerable to further supply chain disruptions …
The World Bank projects that the European Union’s economy won’t grow at all next year after having expanded 3.3% in 2022. …
The impact of a global downturn would fall particularly hard on poorer countries …
The report follows a similarly gloomy forecast a week earlier from Kristina Georgieva, the head of the International Monetary Fund, the global lending agency. Georgieva estimated on CBS’ “Face the Nation” that one-third of the world will fall into recession this year.
“For most of the world economy, this is going to be a tough year, tougher than the year we leave behind,” Georgieva said. “Why? Because the three big economies — U.S., E.U., China — are all slowing down simultaneously.” https://apnews.com/article/europe-business-china-world-bank-economy-391bd23625e205a0d94c1d1c224892a8?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_05
As I reported here last Fall, many in Europe are blaming the USA policies for triggering this (see ZH: A Reeling Europe Lashes Out At The Fed For “Bringing Us To A World Recession” COGwriter: Could this lead to HWA’s ‘banking crisis’?).
Notice the following:
What’s a Recession?
The official definition varies. Some define a recession as two consecutive quarters in which output declines. The National Bureau of Economic Research is technically in charge of declaring recessions, which it defines as “a significant decline in economic activity that is spread across the economy and that lasts more than a few months.” …
For those concerned about layoffs, try to build up emergency savings of least three to six months of living expenses, experts say. If you do experience a job loss, remember you have options — there are still lots of openings. …
What Else Can I Do?
The most common advice from financial experts: Don’t panic. …
Noah Damsky, a financial planner at Marina Wealth Advisors, recommends some overall “belt tightening.” Cutting down on discretionary expenses and boosting savings is always a good idea, but especially so when a recession might be coming. https://www.bloomberg.com/news/articles/2022-07-14/is-the-us-in-a-recession-how-to-prepare-for-economic-downturn
Generally speaking, many people lose income and/or jobs during a recession and there are less goods and services produced–in essence, a global recession would mean that the world gets poorer.
Last Summer, related to recession, Michael Snyder posted the following:
5 Things That You Should Start Doing Immediately To Prepare For The Severe Recession That Is Ahead
Do you remember what economic conditions were like in 2008 and 2009? Well, what is ahead of us is likely to be significantly worse. …
Well, the following are 5 things that you can do right now to get prepared for the severe recession that is ahead…
#1 Make Sure That You Have A Source Of Income
Last year, if you didn’t have a source of income it wasn’t that big of a deal. … But now things are changing very quickly. The number of job openings is plunging, and layoff announcements have started to spike. …
#2 Build Up Your Emergency Fund
When a recession hits, it is extremely important that you are able to continue to pay the bills no matter what happens. …
Now is the time to build up a very large emergency fund. Cutting your spending will help you to do that. …
#3 Get Out Of Debt
After you have built up your emergency fund, getting out of debt should be a high priority. …
#4 Stock Up On Essentials Now
Prices are going to keep going higher.
So that means that the things that you are going to need during the months ahead will not be any cheaper than they are right now.
Don’t spend money on unnecessary items, but for the essentials that you use on a regular basis it is a good idea to stock up right now while you still can.
#5 Maintain A Positive Attitude
This is so important.
Have you ever known anyone that was truly successful in life that had a negative attitude about everything? 07/13/22 http://endoftheamericandream.com/5-things-that-you-should-start-doing-immediately-to-prepare-for-the-severe-recession-that-is-ahead/
Yes, we should take physical steps and have the right attitude. Despite how the world views debt, it is good not to be in debt.
Nationally, more could be produced.
Yes, if there is more supply this would help reduce the inflation rate as well as generally improve the economies of those that produce more.
However, the Bible points to food shortages and food price inflation:
5 When He opened the third seal, I heard the third living creature say, “Come and see.” So I looked, and behold, a black horse, and he who sat on it had a pair of scales in his hand. 6 And I heard a voice in the midst of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine.” (Revelation 6:5-6)
The prophecy of the third horseman of the Apocalypse is starting to come to pass.
If government leaders believed the Bible, they would be willing to take a lot of steps that they seemed to have overlooked.
That said, related to inflation, the Continuing Church of God (CCOG) put together the following video:
Inflation: When Money Fails
Inflation has been higher in 2022 than it has been for decades in the USA, Europe, and many other lands. What are some of the disruptions that inflation can cause? What about hyperinflation affecting places like Venezuela? Did the Book of Haggai predict inflation? Is food price inflation associated with the ride of the third horseman of the Apocalypse? Does sin and government mismanagement cause inflation? Are there physical things one can do about inflation? What about storing food or buying gold? Will gold outlast the USA dollar? Why might some throw their gold in the street as Ezekiel prophesied? What should God’s people do about inflation? What did Jesus teach about food worries? What about seeking the Kingdom of God? Steve Dupuie and Dr. Thiel cover these matters.
Here is a link to our video: Inflation: When Money Fails.
In the world, we see a lot of economic uncertainty.
There are recessions, sometimes stagflation, disasters, weather issues, wars, and even severe depressions that affect income and physical needs.
One can lose a job at almost anytime. There could also be health problems or even the death of the main income provider.
But there are things you can and should do.
Notice the following:
1 A certain woman of the wives of the sons of the prophets cried out to Elisha, saying, “Your servant my husband is dead, and you know that your servant feared the Lord. And the creditor is coming to take my two sons to be his slaves.”
2 So Elisha said to her, “What shall I do for you? Tell me, what do you have in the house?” And she said, “Your maidservant has nothing in the house but a jar of oil.”
3 Then he said, “Go, borrow vessels from everywhere, from all your neighbors — empty vessels; do not gather just a few. 4 And when you have come in, you shall shut the door behind you and your sons; then pour it into all those vessels, and set aside the full ones.”
5 So she went from him and shut the door behind her and her sons, who brought the vessels to her; and she poured it out. 6 Now it came to pass, when the vessels were full, that she said to her son, “Bring me another vessel.”
And he said to her, “There is not another vessel.” So the oil ceased. 7 Then she came and told the man of God. And he said, “Go, sell the oil and pay your debt; and you and your sons live on the rest.” (2 Kings 4:1-7)
Now, while the above involved a miracle, the concept of paying off debt and having savings is something God’s people should strive to do.
Notice also:
7 The rich rules over the poor, And the borrower is servant to the lender. (Proverbs 22:7)
Instead of being in debt, God’s people should strive to save:
But they should also be givers and rely on God’s blessings:
8 “Will a man rob God? Yet you have robbed Me! But you say, ‘In what way have we robbed You?’ In tithes and offerings. 9 You are cursed with a curse, For you have robbed Me, Even this whole nation. 10 Bring all the tithes into the storehouse, That there may be food in My house, And try Me now in this,” Says the Lord of hosts, “If I will not open for you the windows of heaven And pour out for you such blessing That there will not be room enough to receive it. 11 “And I will rebuke the devourer for your sakes, … (Malachi 3:8-11)
4 Let each of you look out not only for his own interests, but also for the interests of others. (Philippians 2:4)
6 But this I say: He who sows sparingly will also reap sparingly, and he who sows bountifully will also reap bountifully. 7 So let each one give as he purposes in his heart, not grudgingly or of necessity; for God loves a cheerful giver. 8 And God is able to make all grace abound toward you, that you, always having all sufficiency in all things, may have an abundance for every good work. 9 As it is written:
“He has dispersed abroad,
He has given to the poor;
His righteousness endures forever. (2 Corinthians 9:6-9)
Yes, we need to also consider helping others.
And all should heed the words of Jesus:
25 “Therefore I say to you, do not worry about your life, what you will eat or what you will drink; nor about your body, what you will put on. Is not life more than food and the body more than clothing? 26 Look at the birds of the air, for they neither sow nor reap nor gather into barns; yet your heavenly Father feeds them. Are you not of more value than they? 27 Which of you by worrying can add one cubit to his stature?
28 “So why do you worry about clothing? Consider the lilies of the field, how they grow: they neither toil nor spin; 29 and yet I say to you that even Solomon in all his glory was not arrayed like one of these. 30 Now if God so clothes the grass of the field, which today is, and tomorrow is thrown into the oven, will He not much more clothe you, O you of little faith?
31 “Therefore do not worry, saying, ‘What shall we eat?’ or ‘What shall we drink?’ or ‘What shall we wear?’ 32 For after all these things the Gentiles seek. For your heavenly Father knows that you need all these things. 33 But seek first the kingdom of God and His righteousness, and all these things shall be added to you. (Matthew 6:25-33)
4 “It is written, ‘Man shall not live by bread alone, but by every word that proceeds from the mouth of God.’” (Matthew 4:4)
Yes, we need to seek first the Kingdom of God. And the word of God says we should try not to be in debt, we should try to have savings, and we are to be givers.
All of these should be part of our preparations.
As far as other physical steps, you can see our article: Physical Preparation Scriptures for Christians.
Some items of possibly related interest may include:
Physical Preparation Scriptures for Christians. We all know the Bible prophecies famines. Should we do something? Here is a version in the Spanish language Escrituras sobre Preparación física para los Cristianos. Here is a link to a related sermon: Physical preparedness for Christians.
Is God Calling You? This booklet discusses topics including calling, election, and selection. If God is calling you, how will you respond? Here is are links to related sermons: Christian Election: Is God Calling YOU? and Predestination and Your Selection. A short animation is also available: Is God Calling You?
Christian Repentance Do you know what repentance is? Is it really necessary for salvation? Two related sermons about this are also available: Real Repentance and Real Christian Repentance.
Tithing Questions and Some Answers Answers questions about tithing and also addresses some non-biblical arguments against tithing. Should people tithe?Here is a link to a related sermon: Tithes and Tithing. Here is a link to an older sermon: Tithing Answers from the BibleMight the U.S.A. Be Gone by 2028? Could the USA be gone by the end of 2028 or earlier? There is a tradition attributed to the Hebrew prophet Elijah that humanity had 6,000 years to live before being replaced by God’s Kingdom. There are scriptures, writings in the Talmud, early Christian teachings that support this. Also, even certain Hindu writings support it. Here is a link to a related video: Is the USA prophesied to be destroyed by 2028? In Spanish: Seran los Estados Unidos Destruidos en el 2028?
Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, English, Scottish, Welsh, Australians, Anglo-Saxon (non-Dutch) Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? What will happen to Jerusalem and the Jews in Israel? Will God punish the U.S.A., Canada, United Kingdom, and other Anglo-Saxon nations? Why might God allow them to be punished first? Here is a link to the Spanish version of this article: Anglo-América & las Tribus Perdidas de Israel. Information is also in the YouTube sermons titled Where are the Ten Lost Tribes? Why does it matter? and British are the Covenant People. A short YouTube of prophetic interest may be: Are Chinese threats against Australia for real?
When Will the Great Tribulation Begin? 2023, 2024, or 2025? Can the Great Tribulation begin today? What happens before the Great Tribulation in the “beginning of sorrows”? What happens in the Great Tribulation and the Day of the Lord? Is this the time of the Gentiles? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord? Who are the 144,000? Here is a version of the article in the Spanish language: ¿Puede la Gran Tribulación comenzar en el 2020 o 2021? ¿Es el Tiempo de los Gentiles? A related video is: Great Tribulation: 2026 or 2027? A shorter video is: Can the Great Tribulation start in 2022 or 2023? Notice also: Can Jesus return in 2023 or 2024? Here is a video in the Spanish language: Es El 2021 el año de La Gran Tribulación o el Grande Reseteo Financiero.
Lost Tribes and Prophecies: What will happen to Australia, the British Isles, Canada, Europe, New Zealand and the United States of America? Where did those people come from? Can you totally rely on DNA? What about other peoples? Do you really know what will happen to Europe and the English-speaking peoples? What about Africa, Asia, South America, and the Islands? This free online book provides scriptural, scientific, historical references, and commentary to address those matters. Here are links to related sermons: Lost tribes, the Bible, and DNA; Lost tribes, prophecies, and identifications; 11 Tribes, 144,000, and Multitudes; Israel, Jeremiah, Tea Tephi, and British Royalty; Gentile European Beast; Royal Succession, Samaria, and Prophecies; and Asia, Islands, Latin America, Africa, and Armageddon, When Will the End of the Age Come?, and Rise of the Prophesied King of the North.
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