Ukraine war, inflation ‘darken’ economic outlook as leaders meet in Davos

Multiple threats to the global economy topped the worries of the world’s well-heeled at the annual Davos think-fest on Monday, with some flagging the risk of a worldwide recession.

“We have at least four crises, which are interwoven. We have high inflation … we have an energy crisis … we have food poverty, and we have a climate crisis. And we can’t solve the problems if we concentrate on only one of the crises,” German Vice Chancellor Robert Habeck said. Asked at a panel whether she expected a recession, Georgieva said: “No, not at this point. It doesn’t mean it is out of the question.”

Still, she essentially promised rate hikes in both July and September to put a brake on inflation, even if rising borrowing costs are bound to weigh on growth.

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