Major economies are delivering interest rate increases to quash domestic inflation.
adjustments simultaneously underway by global central banks will leave a devastating mark on the world economy.Major economies are enacting a series of escalating rate increases, each trying to quash domestic inflation. But taken together, the risk is a global economic freeze.
The authors find that further escalation of those policies could slow global growth to 0.5% next year — or a 0.4% contraction in per capita terms, meeting the definition of a global recession., "is not so much that current and planned moves will fail eventually to quell inflation. It is that they collectively go too far and drive the world economy into an unnecessarily harsh contraction.
"These types of events have permanent effects on output and it would be very damaging for the short term, as well as long-term for developing economies," Kose tells Axios.Countries are facing tighter financing conditions and the spillover effects of global monetary policy.
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