UN accuses richest countries of ‘imprudent gamble’ in inflation fight

The organisation is asking banks to stop raising rates so high and so rapidly. The UN report said countries such as Sri Lanka, which are already struggling with debt distress, are taking some of the biggest hits from the latest steep interest rate rises. Following this, Richard Partington reflects on how these high-interest rates and austerity policies risk triggering a global recession that will hit these developing nations hardest.