World Bank warns higher interest rates could trigger global recession

Study says global economy is in steepest slowdown after a post-recession recovery since 1970

The world may be edging toward a global recession as central banks simultaneously raise interest rates to combat persistent inflation, the World Bank has warned.

The three largest economies, - the US, China and the eurozone - have been slowing sharply, and even a moderate hit to the global economy over the next year could tip it into recession", the bank said in a study.