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Worldwide recession? World Bank worries about interest rate hikes to fight high inflation

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The world could be on the cusp of a global recession as central banks, including the U.S. Federal Reserve Bank, precipitously raise interest rates to battle pandemic-induced high inflation.

Biden

President Joe Biden removes his jacket as he speaks about the Inflation Reduction Act of 2022, during a ceremony on the South Lawn of the White House in Washington, Tuesday, Sept. 13, 2022. (AP Photo/Andrew Harnik)

Ethiopia War Economy

Traders sell sheep in Sholla Market, the day before the Ethiopian New Year, in Addis Ababa, Ethiopia Saturday, Sept. 10, 2022. Once home to one of Africa’s fastest growing economies, Ethiopia is struggling as the war in its Tigray region has reignited and Ethiopians are experiencing the highest inflation in a decade, foreign exchange restrictions and mounting debt amid reports of massive government spending on the war effort.

Germany Oktoberfest Inflation

A woman walks in front of a band marching during the Oktoberfest events in Munich, Germany. Inflation and an energy crunch induced by Western sanctions against Russia over its invasion of Ukraine and retaliations by Moscow are slowing down economies and stressing workers and consumers across Europe.

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