Finance Monthly. 9 The Mon t h l y Round -Up The World Bank has warned that the interest rate hikes by central banks across the world could trigger a global recession in 2023. It’s pointed out that the rise in rates has been done by central banks “with a degree of synchronicity not seen over the past five decades” to tackle soaring prices. The World Bank said the economy on a global level was in its steepest slowdown following a post-recession recovery since 1970. According to a study “the world’s three largest economies – the US, China and the euro area – have been slowing sharply,” it said. “Under the circumstances, even a moderate hit to the global economy over the next year could tip it into recession.” The World Bank also urged central banks to coordinate their actions and “communicate policy decisions clearly” to “reduce the degree of tightening needed”. World Bank Warns Global Rate Hikes Could Trigger Recession in 2023 Russia Blames European Sanctions for Pipeline Shutdown Russia has announced that it will not resume gas supplies along the Nord Stream 1 pipeline to Europe until sanctions are eased. The pipeline has been shut for three days for maintenance and will not reopen unless sanctions are lifted. “Pumping problems arose because of sanctions imposed against our country and against a number of companies by Western states, including Germany and the UK,” said Kremlin spokesman Dmitry Peskov. Gas prices surged over pressing concerns around energy supplies.
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