stack of different currency with photo of men and buildings
Photo by Karolina Grabowska on

The World Bank's chief economist warned Wednesday that interest rate hikes could spell trouble for countries struggling to deal with debt.

The US Federal Reserve, the European Central Banks and others have raised rates and warned that they could remain high longer than expected in order to bring down elevated inflation.

The International Monetary Fund said Tuesday that the world economy remains resilient despite the fallout from COVID, the war in Ukraine and a cost-of-living crisis but that it was "limping along, not sprinting."

"In spite of all of these shocks, we have not seen any big economies really get into trouble. But the good news basically ends there," said World Bank chief economist Indermit Gill.

Register to read the full article.

Register for free for:

  • Access to ten free articles per month
  • Our weekly roundup of top stories
  • Monthly newsletters on topics of your choice

Subscribe for:

  • Unlimited article access each month
  • Crosswords and puzzles on Canadian holidays
  • Full newsletter access