World Bank issues recession warning The World Bank says interest rate increases rolled out by central banks looking to tackle soaring inflation could trigger a global recession in 2023. The World Bank said central banks have increased rates "with a degree of synchronicity not seen over the past five decades." Its report pointed to a steep slowdown in the global economy, warning: “Under the circumstances, even a moderate hit to the global economy over the next year could tip it into recession.” It has called on central banks to coordinate their actions and "communicate policy decisions clearly" to "reduce the degree of tightening needed.” This comes with the Bank of England and US Federal Reserve both expected to increase key interest rates at upcoming monetary policy meetings.