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Vincent Boland: Despite the gloomy predictions, the world has not collapsed into recession

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Six months ago we were told that inflation, interest rates, stagnant growth and the war in Ukraine would see economies shrink – but many are showing signs of resilience

Whatever happened to the recession we were supposed to be enduring by now? Six months ago, gloomy predictions about the state of the world economy were almost universal.

The view among economists was that a recession, probably deep and possibly long, was inevitable because inflation was so high, interest rates were rising, growth was stagnant, the war in Ukraine would keep markets rattled and central banks had lost the plot.

 

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