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The global economy may face a recession next year caused by an aggressive wave of policy tightening that could yet prove inadequate to temper inflation, the World Bank said in a new report. Policy makers around the world are rolling back monetary and fiscal support at a degree of synchronization not seen in half a century, the report said. The news comes as Federal Reserve officials prepare to meet next week, where they could find reasons for raising rates by a full percentage point. Most economists see a 75 basis points hike as a more likely outcome. After the Fed, Bank of Japan Governor Haruhiko Kuroda is expected to keep the central bank's main policy levers unchanged.
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