As fears of a global recession looms, economists have called for urgent measures to curb inflation without exacerbating recession risk. A new study by the World Bank has shown that central banks around the world have been raising interest rates this year with a degree of synchronicity not seen over the past five decades — a trend that is likely to continue well into next year. Yet, the currently expected trajectory of interest-rate increases and other policy actions may not be sufficient to bring global inflation back down to levels seen before the pandemic. Investors expect central banks to raise global monetary-policy rates to almost 4% through 2023 — an increase of more than two percent
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