The results of a recent Financial Times study showed that the world's top economies have been showing surprising resilience and the world could avoid a severe recession this year. However, the risks of inflation, conflict and debt are "burdens" on the world’s economic outlook.

The Organisation for Economic Cooperation and Development (OECD) made a gloomy forecast, that the dominant grey gamut will cover most of the major economies by 2023, in the context of the world economy reeling from the biggest energy shock since the 1970s.

The euro area (Eurozone) is at risk of falling into recession, as rising energy prices and the cost of living continue to push up inflation. The old continent is facing a cold and bleak winter.

The International Monetary Fund (IMF) warned that central banks must act decisively to bring inflation back to target levels, as this key economic indicator is now at its highest level in decades.