(MENAFN) A UN agency on Monday stated that interest-rate hikes have caused the threat of a worldwide financial slump and recommended that a block to the rises is requested as they raise the danger of an international financial recession.
“Monetary and fiscal policy moves in advanced economies risk pushing the world towards global recession and prolonged stagnation, inflicting worse damage than the financial crisis in 2008 and the COVID-19 shock in 2020,” UNCTAD (UN Conference on Trade and Development) Secretary-General Rebeca Grynspan informed a news meeting.
Grynspan talked about the exchanged and Improvement Report 2022 issued by UNCTAD, mentioning it ventures that worldwide financial expansion is going to decrease to 2.5 percent this year, after that will be a drop to 2.2 percent in the next year.
The report cautioned that 2022’s interest rate rises in the US are set to reduce a projected USD360 billion of upcoming income for developing nations as well as indicate even additional problems in advance.
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