Global economy sailing into a ‘perfect long storm’

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IMF AND WORLD BANK FALL MEETINGS PREVIEW

The world’s finance ministers and central bankers are descending on Washington, D.C., next week, and the gathering will have the feel of an economic Last Supper.

A recession in advanced economies is now all but certain, and the International Monetary Fund will officially downgrade its 2023 growth forecasts next week. Germany is likely to admit it’s already in recession, and inflation expectations remain elevated.

Tharman Shanmugaratnam, Singapore’s central bank chair and head of the Group of Thirty — a global council of economic and financial leaders — is warning that we’re headed into a “perfect long storm.” For policymakers, he says, “there are no good options anymore.”

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