Oil Prices steadied today following a sharp dip from recession concerns. Brent currently trades down 13 cents to 59 dollars 35 cents. To discuss this and other stories making the rounds, Winston Osuchukwu, Co-founder of Trans-Sahara Incorporated joins CNBC Africa for more.

The global economy is facing its worst recession since the 1930s. That’s according to the International Monetary Fund, which has sharply cut its 2020 forecast because of the coronavirus pandemic and lockdowns. The IMF predicts a 3 percent contraction for the global economy this year - describing "The Great Lockdown" as a crisis "like no other". The Fund has called on governments to take "swift and sizable" action to support the economic recovery.

The world is facing its worst food crisis in history. Millions of tonnes of wheat are stuck in Ukraine, worsening an already precarious situation for many countries that depend on exports from the region. IMF Managing Director Kristalina Georgieva tells FRANCE 24 Business Editor Kate Moody that only "very strong international mobilisation" will save the lives of millions of people. Also in our update from Davos: EU member states move towards an embargo on Russian oil, but with no consensus on the timeline.

The International Monetary Fund (IMF) has cut its global growth forecast to 3.2% amid high inflation and the war in Ukraine, and warned the world could be "teetering on the edge of global recession."

The global economy is at an inflection point. The IMF projects that a third of the world economy will be in recession next year. War in Europe, a slowdown in China and soaring inflation have contributed to widespread pessimism around a growing, multifaceted economic crisis.

Gloomy economic forecasts have cast a long shadow over this year's event in the Swiss Alps. But Georgieva said that although the IMF projects 2023 to be "a difficult year" and for growth to fall further, "we don't expect a global recession". She cited resilient labour markets and consumer spending, the post-Covid reopening of China and signs of inflation trending downwards.

The IMF predicts that a third of the world economy will be in a recession next year. We compare the current economic downturn to the 2008 financial crisis to find out what is different this time.