The best thing for the world economy, China, and developing economies is for the US Federal Reserve to get on top of the inflation outbreak and start normalising monetary policy.
The best thing that could happen for the world economy, including developing economies, is for the US Federal Reserve and other central banks to get on top of the inflation outbreak and start normalising monetary policy.
The World Bank suggests that US tightening would exacerbate the repayment challenge in emerging markets: 74 low-income nations are due to repay an estimated $US35 billion – up 45 per cent from 2020 – to bilateral and private lenders this year. The International Monetary Fund says without debt relief some countries face “economic collapse”.
At Davos, President Xi called on Western central bankers not to lift rates, to protect the world’s poorer nations from a surge in debt repayments. The assertive wolf warrior geostrategist is putting on the kinder face of an international aid agency.
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