UN body warns central banks could set off global recession
UNCTAD report calls for price controls rather than rate hikes
A UN agency has warned that a policy of monetary tightening could greatly harm developing countries and risk worldwide recession, while failing to address the real causes of spiralling prices.
The United Nations Conference on Trade and Development (UNCTAD) also warned that interest rate increases could cause widespread emerging market defaults. The conference is an agency under the United Nations Secretariat, with 195 member states.
The report – the first chapters of which UNCTAD published on
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