Tough times for central banks

For instance, the Bank of England (BoE) stared firing the rate hike gun by raising the policy rate at end-2021 and has instituted two hikes in its last two meetings. Another two rate hikes are on the cards prior to the Russia-Ukraine tensions.

WITH the Russian invasion of Ukraine, it is only going to be a matter of time before the devastating impact will be felt not just by Ukraine and Russia, but also the global economy that has been recovering unevenly following the Covid-19 pandemic.

More downside risks on global economy have emerged.