The constant hikes in interest rates are an "imprudent" policy that will take its toll, mainly on developing countries.
According to an official document from the UN Conference on Trade and Development (UNCTAD), raising interest rates is an imprudent policy that will not achieve the goal of controlling inflation without leading to a recession.
"Excessive monetary tightening could result in a period of stagnation and economic instability for many developing and some developed countries," the Trade and Development 2022 report reads.
UNCTAD added that projections indicate that this year's Subscribe to our Premium Membership Plan. Already Subscribed? Login Here