Inflation may be reaching its long-awaited peak, but the global economy is puttering along at a snail’s pace. Central banks around the world have aggressively tightened monetary policy to curb inflation, but these efforts have slowed economic growth.
For proof, just pick your headline. In Europe: “EU economy to ‘narrowly’ avoid a recession.” In the US: “Why the Long-Awaited US Recession Has Not Materialized—But Still Could.” In Africa, recession odds are climbing, and in the UK, a “sputtering” economy avoided a recession last quarter by the seat of its pants. Even China grew below the global average for the first time in 40 years.
In all, the UN projects this global slowdown to cost close to 20% of the world’s income. Even if recession forecasts improve, workers and businesses deserve better than this uncertain landscape.
The US has a chance to avoid recession and be the main source…