The Reserve Bank has delivered the biggest rate hike in 22 years. ElizaEdNews 9News READ MORE:
You can add the World Bank to the growing chorus sounding recession alarm bells. In its latest outlook, World Bank president David Malpass said "for many countries, recession will be hard to avoid".
The reasons for the gloom? Malpass said in the World Bank's latest outlook Tuesday that "the war in Ukraine, lockdowns in China, supply-chain disruptions and the risk of stagflation are hammering growth." Investors are nervous about the fact that the Federal Reserve is raising interest rates aggressively to try and tamp down rising prices. The problem, though, is that some fear the Fed was too late starting its campaign to combat inflation. As a result, the central bank could spark a recession as it rushes to catch up with more rate hikes.
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