Global Recession Risk Is Rising, World Bank Warns – By Yuval Rosenberg and Michael Rainey (The Fiscal Times) / Sept 15, 2022
Relief on Thursday as the White House announces a tentative deal to avoid a potentially crippling rail strike. Among other issues, rail workers were seeking up to 15 days of paid sick leave – they currently have none – and the proposed agreement with owners provides … one day. So we’ll see if workers are willing to accept the offer, but for now, the crisis appears to have been averted.
Here’s what else is going on.
Global Recession Risk Is Rising, World Bank Warns
Central bankers all over the world are tightening financial conditions at the same time, and that’s raising the risk of a global recession in the near future, the World Bank said Thursday.
“The global economy is in the midst of one of the most internationally synchronous episodes of monetary and fiscal policy tightening of the past five decades,” analysts at the World Bank wrote. “These policy actions are necessary to contain inflationary pressures, but their mutually compounding effects could produce larger impacts than intended, both in tightening financial conditions and in steepening the growth slowdown.”
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