IMF and World Bank warn that a global downturn has become more likely, resulting in fewer new jobs, smaller household budgets, and a drop in corporate profits. A recession in major economies isn't for certain just yet, but business activity is slowing to a crawl. Rich nations, led by the US Federal Reserve, are raising interest rates at their fastest pace in decades. As a result, investors are diverting trillions of dollars in financing toward safe assets that are denominated in the greenback. That leaves less resources for developing nations to use to support their own economies.

For the details, we had economist Taha Meli Arvas in the studio.

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