UNCTAD, the economic arm of the United Nations, has warned that central banks risk pushing the struggling global economy into a full-blown recession unless they ease inflation targets of 2 percent and adopt a more pro-growth stance.
Sharp increases in interest rates from major central banks since 2021 have increased inequality and cut investment, but they have proven to be a fatal weapon to fight inflation.
The annual report by the Geneva-based United Nations Conference on Trade and Development (UNCTAD) showed that global growth is expected to slow from 3 percent in 2022 to 2.4 percent in 2023, with little sign of a recovery next year.
Source (Al-Arabiya.net Website, Edited)
