A clear warning from the United Nations Conference on Trade and development is that the current economic course being followed by central banks will tip the world economy into a deep recession.
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The world is headed towards a global recession and prolonged stagnation unless we quickly change the current policy course of monetary and fiscal tightening in advanced economies.
Supply-side shocks, waning consumer and investor confidence and the war in Ukraine have provoked a global slowdown and triggered inflationary pressures.
All regions will be affected, but alarm bells are ringing most for developing countries, many of which are edging closer to debt default. Climate stress is intensifying, with mounting loss and damage in vulnerable countries who lack the fiscal space to deal with disasters, let alone invest in their own long-term development.
Thank you for pointing to the effect on those in the developing world.
Making Orr responsible for both keeping unemployment low and controlling the rate of inflation was a big mistake as you cannot service both and look good . Bank rate is for the bankers to look after employment has to be the government me t of the day.
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