The Federal Reserve and other central banks risk pushing the global economy into recession!
UNCAD claims that thef prolonged stagnation if they keep raising interest rates, a United Nations agency said
Tweet on UN calling for halt on rate increase
U.N. Calls On Fed, and other Banks to halt the rate increase
The Federal Reserve & other central banks risk pushing the global economy into recession followed by prolonged stagnation if they keep raising interest rates, a UN agency said, via @WSJ https://t.co/wBQYpSnBgi
— The_Journalbiz (@the_journalbiz) October 3, 2022
UN calls on FED & other banks to halt the rate increase:WSJ
The warning comes amid growing unease about the haste with which the Fed and its counterparts are raising borrowing costs to contain surging inflation.
India’s central bank Friday said that the global economy was facing a third major shock after the Covid-19 pandemic and Russia’s invasion of Ukraine, in the form of aggressive rate increases by central banks in rich countries.
In its annual report on the global economic outlook, the United Nations Conference on Trade and Development said that;
the Fed risks causing significant harm to developing countries if it persists with rapid rate rises. The agency estimated that a percentage point rise in the Fed’s key interest rate lowers economic output in other rich countries by 0.5%, and economic output in poor countries by 0.8% over the subsequent three years