International Discord Undercuts Global Growth, Worsens Inflation
Western nations face off with China, Russia and Saudi Arabia, amplifying economic threats
The global economy is once again under strain, but this time without the international cooperation that helped resolve previous post-Cold War crises. Instead, many of the world’s biggest powers are now intent on undermining one another, with unsettling economic implications.
“There is a level of weaponizing the economy that we have not seen for, perhaps, decades,” said Adam Posen, president of the Peterson Institute for International Economics. “You’ve got G-20 economies actively trying to harm other G-20 economies. This is a different world.”