Many major countries will enter recession over the next 12 months amid tightening government policies and rising living costs, pushing the global economy into a synchronized slowdown, analysts at Nomura Holdings Inc. believe.

According to their forecasts, the US, UK, Japan, South Korea, Australia, Canada and the euro zone may face recession.

At the same time, central banks are eager to get inflation under control and are likely to conduct too much QE tightening, sacrificing economic growth, before starting to cut interest rates in 2023, Bloomberg news agency quoted experts as saying.

“Growing signs that the global economy is entering a period of synchronized slowing growth means countries can no longer rely on an export recovery” as a favorable factor, the report said. High inflation is likely to persist as price pressures have spread not only to goods but also to services, rents and wages.

The depth of the recession will vary from country to country. Nomura predicts a shallow but prolonged recession in the U.S. for five quarters starting in late 2022. In Europe, the recession could be much deeper if Russia completely cuts off gas supplies to the region.

Analysts estimate that U.S. and eurozone GDPs will decline by 1% in 2023.

Mid-sized nations including Australia, Canada and South Korea risk a deeper-than-forecast recession if rising interest rates cause a housing collapse. Korea is expected to take the hardest early hit with a 2.2% contraction in the third quarter of this year.

Japan is forecast to have the mildest recession due to continued government support measures and a delay in fully opening up the economy, experts believe.