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Sleepwalking Into a Global Recession

The current wave of interest-rate hikes has slowed inflation but also popped several asset bubbles, potentially triggering additional debt and financial crises. While a prolonged economic downturn may be inevitable, the G7 countries can soften the blow by coordinating their fiscal and monetary policies.

HONG KONG – The International Monetary Fund and the World Bank held their Spring Meetings in Washington this month amid growing fears of a prolonged worldwide recession and following a series of reports predicting that global economic growth will continue to slow.