71% Feel Heavy Reliance on Fuel Triggers Global Recession

The 2019 Covid-19 pandemic brought a 2-year lockdown that drastically impacted many countries’ economies. Many suffered financially, battling high unemployment, increasing inflation rates, fall in asset prices, etc. Furthermore, the Russia-Ukraine war shook the world in February 2022. This deeply affected many countries that relied on Russia’s energy and fuel. To specify, the president of the World Bank, David Malpass, issued a warning suggesting the possibility of a global recession.

Accordingly, Real Research — the online survey app launched a survey on World Bank warning over a Global Recession. The survey aims to know what the public thinks about the suffering economy, sky-rocketed fuel prices, and rising inflation. Here are the results.

Highlights

• 85.17% are up-to-date on the Russia-Ukraine conflict.
• 53.90% feel the global recession will raise energy, food, and commodity prices.
• 49.29% believe the global recession will increase inflation-deflation rates.

Survey on World Bank Warning Over a Global Recession

The survey on World Bank warning over a Global Recession asks respondents if they are following Covid-19 updates. In response, 85.68% say yes and 14.32% say no.  Consequently, the survey asks if respondents follow the updates on the Russia-Ukraine war. In reply, 85.17% say yes while 14.83% are not following it.

Then, the survey asks if food, energy, and fertilizers rates increased in respondents’ respective countries. In reply, 64.64% say ‘yes, considerably’, 14.43% say ‘yes, moderately’, and 5.04% say ‘no changes in price’.

Effects Global Recession Would Have on an Economy

Next, the survey asks respondents about the average amount spent on energy each month. 53.82% spend less than $50, 20.64% replied $51-$100, and 11.95% say they pay $101-$300.  Furthermore, 7.46% pay ‘more than $501’, whereas 6.12% disburse ‘$301-$500’.

Next, the survey asks respondents about their average monthly food spending.  In reply, 51.29% spend ‘less than $50’, 19.61% paid ‘$51-$100’, and 13.26% replied ‘$101-$300’. Furthermore, 7.45% pay ‘$301-$500’, whereas 8.39% disburse ‘more than $501’.

Then, the survey asks if other countries relying on Russia for energy and fuel should look for alternative options. In reply, 71.64% of respondents say ‘yes, the heavy dependence on fuel is the biggest trigger for a global recession. ’ Whereas 7.75% say ‘no, energy and fuel prices do not have much to do with a global recession’.

How to Cope with the Ramifications of a Global Recession

Furthermore, the survey asks respondents what are the ways to prevent a global recession. All 53.73% suggest resolving the rift between Russia and Ukraine. 12.34% of respondents think stricter rules will help combat Covid-19. Moreover, 10.12% advise better loan and debt management, whereas 9.02% say there should be better global economic policies. Lastly, 8.65% encourage seeking assistance from IMF for countries in financial deficit.

Next, the survey asks what other effects a global recession could have on an economy. 49.29% say ‘inflation or deflation rates’, 21.33% chose ‘unemployment’, and 6.48% replied ‘affects business and business owners.’ 5.82% chose ‘increase in poverty rates,’ and 4.75% feel poverty will lead to an increase in crime rates. 3.95% suggest a fall in asset prices and 2.76% say ‘compromised public healthcare’.

Lastly, the survey asks what is the likelihood of a global recession on the rising energy, food, and commodity prices.  All 53.90% feel it is ‘highly likely’ to happen. Whereas, 20.19% say that it is ‘likely’ to happen. On the other hand, 16.57% are neutral about it, and 9.34% think it is ‘unlikely’ to happen.