THE global economy is more likely veering towards a hard landing than a soft landing, says Martin Dropkin, Fidelity International head of fixed income and Hong Kong investments, with the economic slowdown likely to become apparent around 2023.
In efforts to quell inflation, a number of central banks have hiked interest rates this year - most recently the US Federal Reserve's 75-basis point hike in July, its fourth hike this year. US inflation in June came in at 9.1 per cent. The European Central Bank (ECB) also raised its benchmark interest rate by 50 basis points, its first increase in 11 years. The Reserve Bank of Australia has also just raised its cash rate.
"The US consumer historically has...
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