The UN Conference on Trade and Development (UNCTAD) has warned against policy mistakes as they could trigger worse recession than the one witnessed in 2007.
It, therefore, called for the adoption of the right policies to guard against recession.
In a report released on Monday, UNCTAD observed that the world would see global recession and prolonged stagnation if fiscal and monetary policies holding sway in some advanced economies were not quickly changed.
“There is still time to step back from the edge of recession.
“This is a matter of policy choices and political will,’’ UNCTAD chief Rebeca Grynspan, said.
According to her, the current course of action is hurting the most vulnerable.
UNCTAD is warning that the policy-induced global recession could be worse than the global financial crisis of 2007 to 2009.
The agency also warned that excessive monetary tightening and inadequate financial support could expose developing world economies further to…
Source: Vanguard Newspaper