Global Leaders Warn of Economic Dangers

“The financial leaders of the world’s most powerful countries warned this week of the potential for a global economic slowdown, as the threats caused by Russia’s invasion of Ukraine continued to multiply,” the Washington Post reports.

“Globally, the war is sending energy and food prices soaring. In the United States, Great Britain and Europe, central banks determined to curb inflation are moving to hike interest rates, which risks pushing nations back into recession. The developing world faces an emerging debt crisis on top of a growing hunger problem sparked by the war.”

“After approving trillions of dollars in fiscal stimulus to avert the downturn caused by the coronavirus pandemic, world economic leaders are now grappling with the threat of ‘stagflation’ — slow, or negative, economic growth, coupled with rising inflation. The risks abroad may be even greater than in the United States, economists say.”