There is a high risk of a global recession due to central banks’ anti-inflationary measures, a statement says The world is “on the edge of a recession,” the United Nations Conference on Trade and Development (UNCTAD) warned on Monday in its report, citing aggressive monetary policies in advanced economies.

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Britain is now officially in a recession, Chancellor of the Exchequer Jeremy Hunt said on Thursday as he delivered his Autumn Statement to Parliament, having unveiled a new fiscal plan to weather the economic “storm.”