Given the fragility of the global economy, the World Bank said any new adverse development – such as higher than expected inflation, abrupt rises in interest rates to contain it, a resurgence of the Covid-19 pandemic or escalating geopolitical tensions – could push the global economy into recession. Not since the 1930s have two global recessions occurred in the same decade.
“Weakness in growth and business investment will compound the already-devastating reversals in education, health, poverty, and infrastructure and the increasing demands from climate change.”Photograph: Andrew Kelly/Reuters
Source: Financial Digest (financialdigest.net)
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