The World Bank says a global recession is looming as central banks simultaneously hike interest rates to combat persistent inflation. A new study by the bank says the world’s three largest economies; the United States, China, and the Euro Area – have been slowing sharply, and even a moderate hit to the global economy over the next year could tip it into recession. The World Bank says the global economy was now in its steepest slowdown following a post-recession recovery since 1970. Consumer confidence has already dropped more sharply than in the lead up to previous global recessions. The bank says unless supply disruptions and labour-market pressures subside, the global core inflation rate, excluding energy, could stay at about 5 per cent in 2023, nearly double the five-year average before the pandemic.
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