Kenneth Rogoff teaches international economics at Harvard University. From 2001 to 2003 he was chief economist at the International Monetary Fund.
(Photo: Getty Images)
Is the global economy headed for a perfect storm, with Europe, China and the US all experiencing an economic downturn at the same time this year? The risks of a global recession triad are currently increasing day by day.
If the war in Ukraine escalates and Germany — which has so far adamantly resisted calls to halt its purchases of Russian gas — finally caves in, a recession in Europe is all but inevitable.
In China, draconian Covid-19 lockdowns have already brought Shanghai to a crashing halt and are now threatening Beijing. This makes it increasingly difficult for the country to achieve positive growth. The Chinese economy may already be in recession.
With US consumer prices rising at their fastest rate in 40 years, the prospects for a soft landing in prices without a major hit to growth are diminishing.
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