The US has reignited geopolitical tensions with Iran, even as the trade war with China goes on. While there are signs of a broader global economic recovery, central banks have little room to manoeuvre if growth stalls again.

SINGAPORE (Jan 10): About a year or two ago, market observers were predicting that a global recession was just around the corner. This was due to the fact that the US, the world’s largest economy, was in the late phase of the economic cycle. Coupled with the heightening trade friction between the US and China, the chances of the global economy going south were high.

As a result, some market observers warned that a global recession could hit us as soon as this year. Others reckoned that a global recession could happen next year, though there were a handful who were convinced that this might occur later, in 2022.

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