'Central bankers are supposed to be looking out for the economy as a whole,' wrote one observer. 'But at the end of the day, they have the mentality of bankers, protecting creditors.'
"Central bankers are supposed to be looking out for the economy as a whole," wrote one observer."But at the end of the day, they have the mentality of bankers, protecting creditors."Synchronous interest rate hikes imposed by the world's most powerful central banks in recent months have triggered mounting concerns of a global recession that could plunge millions more into poverty, spark a surge in joblessness, and heighten economic pain for poor nations in particular.
Under a scenario of persistently high inflation, the World Bank notes, the U.S. Federal Reserve, the European Central Bank, the, and other central banks would likely continue raising interest rates, further slowing a global economy that is already"in its steepest slowdown following a post-recession recovery since 1970."
"A global recession would also translate into a sharp decline in growth in [emerging market and developing economies]," the study adds."In light of elevated vulnerabilities in many of these economies, they would face severe challenges associated with financial stress."in a statement that"global growth is slowing sharply, with further slowing likely as more countries fall into recession.
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