Renewed worries that a recession is imminent triggered another sharp sell-off across major international equity markets last week. The benchmark S&P 500 share index in the US slumped briefly into bear market territory on Friday as it dropped by more than 20 per cent from the record high in January 2022. The S&P 500 index has now registered seven consecutive weeks of declines – a stretch not seen since the dotcom bubble burst in 2001. The Dow Jones Industrial Average has also been on a remarkable downturn in recent weeks as it registered its eighth consecutive week of declines – its longest losing streak since 1932. The technology-focused NASDAQ index has long been in a bear market as it has now dropped by almost 30 per cent since its high in November 2021. The combined decline in the market cap of the NASDAQ constituents amounted to a total of USD2.8 trillion. The decline in equity markets in recent months came about as central banks have started to raise interest rates in order to dampen the soaring inflation levels seen across the world also at a time when governments are unwinding their COVID-era support measures. Moreover, the war in Ukraine has exacerbated the inflationary...