Is the global economy flying into a perfect storm, with Europe, China and the United States all entering downturns at the same time later this year? The risks of a global recession trifecta are rising by the day. Clearly, emerging markets and poorer developing economies will suffer mightily in the event of a global recession. Even energy and food-exporting countries, which until now have benefited economically from the war because of high prices, would likely have problems. With luck, the risk of a synchronised global downturn will recede by late 2022. But for the moment, the odds of recession in Europe, the US and China are significant and increasing, and … Continue reading Kenneth Rogoff