IMF meetings have exposed the fragmentation of the global economy

Countries have responded to a series of shocks by looking out for themselves, which could increase volatility and uncertainty

The message from last week's annual meeting of the International Monetary Fund was clear. War, pandemic and rampant inflation have put the global economy under severe strain. The mood was edgy, often fractious.

The Americans had a go at Saudi Arabia for orchestrating production curbs designed to push up the cost of oil. The Indians were unhappy with the aggressive increases in US interest rates, which they saw as exporting America's problems to the rest of the world.