'The current course of action is hurting the most vulnerable, especially in developing countries, and risks tipping the world into a global recession,' the UNCTAD chief warns of central banks hiking interest rates.
the U.S. institution of not only disregarding the negative impacts that such a policy has on the nation's poor but also ignoring a key driver of inflation: corporate greed.As the UNCTAD document details,"Today, inflation is caused by a mixture of disruptions in global supply chains, high shipping costs, the impact of war on key sectors, higher mark-ups, commodity-market speculators, and the ongoing uncertainty of an evolving pandemic.
"In this situation, central banks cannot bring inflation down at a socially acceptable cost," it continues."Instead, supply-chain disruptions and labor shortages require appropriate industrial policies to increase the supply of key items in the medium term; this must be accompanied by sustained global policy coordination and support to help countries fund and manage these changes.
The report adds that"in the meantime, policymakers should seriously consider alternative paths of action to lower inflation in socially desirable ways, including strategic price controls, better regulation to reduce speculative trades in key markets, targeted income support for vulnerable groups, and debt relief."
"If monetary tightening in the advanced economies continues over the coming year, however, a global recession is more likely, and, even if it is looser than the 1980s, it will almost unavoidably harm potential growth rate in the developing economies," the document states."The permanent damage to economic development in these countries will not only be substantial but will also leave the ambition to achieve a better world by 2030 dangling by the most precarious of threads.
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