In January this year, the world economy was just about poised to recover from the ravages of the coronavirus pandemic. The Russian invasion of Ukraine in February put to an end all hopes of a global recovery. The Chinese government’s policy of stringent lockdowns to contain continuing outbreaks of covid was like rubbing salt on a wound. Global output contracted in the second quarter of the year due to downturns in Russia and China as well as virtually stagnant output in the US. Rapidly deteriorating growth prospects…
