{"id":14178,"date":"2022-10-27T15:20:16","date_gmt":"2022-10-27T15:20:16","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/257-economists-say-global-recession-is-near-us-trade-restrictions-against-china-could-stir-taiwan-invasion-economics-bitcoin-news\/"},"modified":"2022-10-27T15:20:16","modified_gmt":"2022-10-27T15:20:16","slug":"257-economists-say-global-recession-is-near-us-trade-restrictions-against-china-could-stir-taiwan-invasion-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/257-economists-say-global-recession-is-near-us-trade-restrictions-against-china-could-stir-taiwan-invasion-economics-bitcoin-news\/","title":{"rendered":"257 Economists Say Global Recession Is Near, US Trade Restrictions Against China Could Stir Taiwan Invasion \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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According to 257 economists polled by Reuters, the global economy is approaching a recession, but 70% of the survey\u2019s participants believe the chances of a sharp rise in unemployment levels will be low. The poll follows the Biden administration and the U.S. Commerce Department issuing a package of trade restrictions against China\u2019s relationship with the semiconductor industry. The tensions between the U.S. and China have given observers reason to believe that China could invade Taiwan in the near future. Accounts stemming from the 20th Communist Party Congress (CCP) conference note that Xi Jinping reportedly discussed completing the country\u2019s control over Hong Kong and \u201cTaiwan is next.\u201d<\/strong><\/p>\n

Polled Economists Believe Global Economy Draws Closer to a Recession, Rabobank Market Analyst Says It\u2019s \u2018Pretty Much a No-Brainer\u2019<\/h2>\n

The world\u2019s economy looks gloomy following the aftermath of the Covid-19 pandemic response, and the recent tensions between major nation-states. On a global level, inflation has skyrocketed in every country and rising energy costs tied to financial sanctions and the ongoing Ukraine-Russia war have made things a lot worse. On October 25, Reuters, the news agency owned by Thomson Reuters, published a poll<\/a> that consisted of 257 economists and a majority of the individuals believe the global economy is approaching a recession. A global strategist at Rabobank, Michael Every, told Reuters that the \u201crisk of a global recession\u201d is at the forefront of everyone\u2019s conversations.<\/p>\n

\u201cI think that\u2019s pretty much a no-brainer when you look at the trend in all the key economies,\u201d Every said. Moreover, Every further added that if unemployment remains strong it gives central banks like the U.S. Federal Reserve ammo to raise rates<\/a>. \u201cThe longer [the jobless rate] stays stronger the more central banks will feel that they can continue to hike rates,\u201d Every remarked.<\/p>\n

\"257<\/p>\n

70% of the economists polled said the chances of a hike in unemployment were low to very low. The poll\u2019s data that started on September 26 and through October 25 is a downgraded outlook compared to the stats Reuters recorded in July. \u201cGlobal growth is forecast to slow to 2.3% in 2023 from an expected 2.9% this year, followed by a rebound to 3.0% in 2024, according to Reuters polls of economists covering 47 key economies taken Sept. 26-Oct. 25,\u201d the news agency\u2019s reporter Hari Kishan wrote. As far as China, the second largest economy is concerned, the polled economists say the country is \u201cexpected to grow 3.2% in 2022.\u201d<\/p>\n

U.S. Tensions With China Elevate, \u2018New Export Controls on China\u2019s Chip Industry\u2019 Have \u2018Assured an Invasion of Taiwan\u2019<\/h2>\n

The Reuters poll comes at a time when tensions have been extremely elevated between the United States and China. When the American representative from California, Nancy Pelosi, visited Taiwan<\/a> in August, the meeting was considered disrespectful to China. At the time, the White House said China is preparing to carry out \u201cmilitary provocations\u201d while Chinese warships practiced military drills in the Taiwan Strait. Earlier this week, the U.S. government charged<\/a> two Chinese intelligence officers for bribing a government employee with bitcoin to access classified documents.<\/p>\n

\"257<\/p>\n

On October 7, 2022, the U.S. Commerce Department initiated and crafted a package of semiconductor-related trade restrictions against China. The New York Times (NYT) reported<\/a> that the \u201cWhite House issued sweeping restrictions on selling semiconductors and chip-making equipment to China, an attempt to curb the country\u2019s access to critical technologies.\u201d Emily Kilcrease, a senior fellow at the think tank called the Center for a New American Security, told the NYT the move was \u201can aggressive approach by the U.S. government to start to really impair the capability of China to indigenously develop certain of these critical technologies.\u201d<\/p>\n

The latest crackdown on China by the United States has caused a number of people to believe the country will invade Taiwan. Capitalist Exploits<\/a> contributor Chris MacIntosh explained<\/a> that the Biden administration adding \u201cnew export controls on China\u2019s chip industry\u201d has just \u201cassured an invasion of Taiwan.\u201d MacIntosh also spoke about the 20th CCP conference and noted that China\u2019s president Xi Jinping said control of Hong Kong is now \u201ccomplete\u201d and that \u201cTaiwan is next.\u201d MacIntosh is not the only person that thinks China will invade Taiwan, as the Sri Lankan geopolitical blogger Dhanuka Dickwella thinks an invasion could happen this winter.<\/p>\n

In a recent blog post<\/a>, Dickwella also mentioned the well-documented CCP conference and the forceful removal of China\u2019s former president Hu Jintao. \u201cHu Jintao\u2019s forceful removal from the party congress for the eyes of the whole world thus represents the departure of those approaches,\u201d Dickwella said on October 22. \u201cThe approach of working closely with the West as well as trusting on negotiations for settling the dispute with Taiwan will effectively come to an end.\u201d On Tuesday, JPMorgan boss Jamie Dimon said<\/a> tensions between the U.S. and China and the ongoing Russia-Ukraine war are \u201cfar more concerning\u201d than a recession.<\/p>\n

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\nTags in this story
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Capitalist Exploits<\/a>, China<\/a>, China Government<\/a>, Chinese intelligence officers<\/a>, Chris MacIntosh<\/a>, Dhanuka Dickwella<\/a>, Emily Kilcrease<\/a>, Export Controls<\/a>, Hu Jintao<\/a>, Michael Every<\/a>, Nancy Pelosi<\/a>, Sri Lankan geopolitical blogger<\/a>, strategist at Rabobank<\/a>, Taiwan<\/a>, Taiwan Invasion<\/a>, Taiwan Strait<\/a>, Trade Restrictions<\/a>, U.S.<\/a>, United States<\/a>, us-china relations<\/a>, US-China Tensions<\/a>, Xi Jinping<\/a><\/div>\n<\/div>\n

What do you think about the Reuters poll that shows economists believe a recession is near? What do you think about the tension between the U.S. and China possibly provoking the invasion of Taiwan? Let us know your thoughts on this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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