In a bid to bring inflation down to target, most central banks in advanced economies have embarked this summer on a policy-tightening process unseen since the 1980s.

However, some multilateral organisations and leading economists warn institutions should co-ordinate their decisions and increase interest rates at a more gradual pace. Otherwise, they risk plunging the world economy into a severe recession.

“The simultaneous tightening of monetary and fiscal policies across the world will likely