The World Bank has expressed concern about the impact of the current global financial challenges on emerging and developing economies.
The Bank has warned that with weakness in major economies and global trade and manufacturing, there is a possibility of a downturn.
Ayhan Kose Chief Economist for Equitable Growth, Finance and Institutions at the World Bank said “We are going through the sharpest slowdown on record”.
The impact of global interest rates will affect people living in South Africa.
Inflation is a global concern, as prices of food and energy hit consumers across the world. It’s a challenge that people living in South Africa are also dealing with. In the midst of concern about slowing growth and rising interest rates, a financial planner suggests staying calm and trying to prepare for any downturns or even a recession.