Financial Center / Wei Juncheng report
▲ The United Nations Conference on Trade and Development pointed out that the world could face an economic recession. (Schematic / taken from Pixabay)
Is the world in a recession? The United Nations Conference on Trade and Development (UNCTAD) stressed that monetary and fiscal policies of developed economies, as well as continued interest rate hikes, can push the world into global recession and stagnation and warned that the global economic slowdown could be more severe than the 2008 financial crisis. The impact of the new coronal pneumonia epidemic in 2020 will have a more severe impact.
According to “CNBC”, the United Nations Conference on Trade and Development (UNCTAD) pointed out on Monday (3rd) that if central banks continue to raise interest rates and do not use other methods to solve the problem, they could push the global economy “We must warn that the world is on the verge of a policy-induced global recession,” said conference secretary Rebeca Grynspan.
UNCTAD Secretary General Rebecca stressed that there is still time to avoid a recession and called on countries to adopt more pragmatic policies, including the deployment of strategic price controls, extraordinary taxes, antitrust measures and stricter regulation of the commodity speculation. UNCTAD stressed that the impact of the global economic downturn could be more severe than the 2008 financial crisis and the new coronal pneumonia epidemic in 2020. It will hit developing countries the most and all countries will be affected.
Furthermore, the latest report released by research firm Capital Economics said that “the global industry has undergone a marked ‘softening’ and will be worse in the coming months as high inflation and rising interest rates take their place. tribute”. itself, the global economy may actually be facing a recession.