IIF sees rising risk of global recession — and Canada won't escape the pain

Financial Post: 'The group has downgraded its outlook for global growth “significantly” and now predicts world GDP will essentially flatline in 2022.

'“That leaves little room to avoid an outright GDP contraction. Recession risk is elevated,” it said.

'Dismal data out of China this morning appeared to support their view. Retail and factory activity in the world’s second largest economy fell sharply in April as COVID-19 lockdowns kept workers and consumers at home and disrupted supply chains.

'Analysts now warn that this downturn may be harder to recover from than when the pandemic began in early 2020, Reuters reports.

'And make no mistake, a downturn in China would be felt around the world. In April China processed 11% less crude oil, the lowest daily throughput since March 2020.'