The World Bank has warned that leading central banks risk sending the global economy into a “devastating” recession next year if policymakers raise interest rates too high over the months ahead and stress financial markets.
The Washington-based organisation called on monetary authorities in the big economies to co-ordinate their actions to reduce the overall amount of tightening.
Central banks, led by the US Federal Reserve, have embarked on a series of aggressive rate rises over the course of 2022 in a bid to tame inflation that is at, or close to, double figures in several advanced economies for the first time in decades.
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