More than two years after the COVID-19 pandemic transpired into a global polycrisis, the path to economic recovery remains precarious. Furthermore, Russia’s invasion of Ukraine and its spillover effects on global commodity markets, supply chains, and financial conditions have significantly deteriorated the growth outlook. Inflation rates have reached levels not seen in decades in many countries. In response, central banks have begun to raise interest rates even as the global economic recovery remains incomplete in most countries. This response could increase the cost of capital, precipitate sovereign debt crises, and further undermine the recovery of emerging markets and developing economies.
Is the global economy entering an imminent recession or stagflation? Can policymakers rein in inflation while avoiding a recession? What are the risks of widespread sovereign debt crises in the developing world? What should policymakers do to navigate this complex set of challenges and lay the foundations for a more resilient and inclusive recovery?
On Wednesday, July 13, the Global Economy and Development program at the Brookings Institution convened a panel of experts to answer these pressing questions. This event featured introductory remarks by the president of the World Bank Group, David Malpass, followed by a presentation on the findings of the World Bank Group’s latest Global Economic Prospects report. Brahima S. Coulibaly, vice president of the Global Economy and Development program, then moderated a conversation among leading experts from both the public and private sectors.
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