World Economy At Critical Juncture In Inflation Fight
Financial Express Mumbai|June 26, 2023
THE WORLD'S CENTRAL bank umbrella body, the Bank for International Settlements (BIS), called on Sunday for more interest rate hikes, warning the world economy was now at a crucial point as countries struggle to rein in inflation.
MARC JONES
World Economy At Critical Juncture In Inflation Fight

Despite the relentless rise in rates over the last 18 months, inflation in many top economies remains stubbornly high, while the jump in borrowing costs triggered the most serious banking collapses since the financial crisis 15 years ago.

"The global economy is at a critical juncture. Stern challenges must be addressed," Agustin Carstens, BIS general manager, said in the organisation's annual report published on Sunday.

"The time to obsessively pursue short-term growth is past. Monetary policy must now restore price stability. Fiscal policy must consolidate."

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