East and southeast Asia are set to post growth rates below those in the five years prior to the pandemic.
Kiyoshi Ota | Bloomberg | Getty Images
The United Nations has sounded off a warning that the world is “on the edge of a recession” and developing nations like those in Asia could bear the brunt of it.
Monetary and fiscal policies in advanced economies — including continued interest rate hikes — could push the world toward a global recession and stagnation, the UN Conference on Trade and Development (UNCTAD) said on Monday.
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A global slowdown could potentially inflict worse damage than the financial crisis in 2008 and the Covid-19 shock in 2020, warned the UNCTAD in its Trade and Development Report 2022.
“All regions will be affected, but alarm bells are ringing most for developing countries, many of which are edging closer to debt…
