Recession Risks Are Falling, But a Toxic Trio Still Threatens the Global Economy

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Text size About the authors: Indermit Gill is the World Bank’s chief economist and senior vice president. M. Ayhan Kose is the Bank’s deputy chief economist and director of the Prospects Group. A collective sigh of relief is going up in some of the wealthiest economies. They have proved to be remarkably resilient in the face of the steepest rise in interest rates in decades. In the U.S., inflation has been whittled down, so far without much harm to growth or employment. Growth in some developing economies, including India and a few others in East Asia, has also been strong....