KWASI KWARTENG’S

dash for growth could be thwarted by an imminent global recession, experts warned this weekend.

Germany, Europe’s largest economy, is headed for a winter recession caused by the energy crisis, says the Ifo research institute. Its national income is predicted to shrink by 0.3 per cent, and analysts say the misery could spread to other eurozone countries. Economists predict the US could also be in recession by 2023.

The World Bank has warned that central banks risk causing a ‘devastating’ global recession if they raise the costs of borrowing too much.