Rate hikes tilt economies towards global recession

FILE PHOTO: Signage is seen outside the European Central Bank (ECB) building in Frankfurt, Germany. REUTERS/Wolfgang Rattay

CENTRAL banks are intent on driving the world economy perilously close to a recession.

Late to see the worst inflation in four decades coming, and then slow to crack down on it, the Federal Reserve (Fed) and its peers around the globe now make no secret about their determination to win the fight against soaring prices – even at the cost of seeing their economies expand more slowly or even shrink.