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More than $7trn has been wiped off global stock markets this year. In China, consumer activity has fallen by more than 11 per cent; the Eurozone has halved its growth expectations; the Bank of England has predicted that the UK will go into recession. Andy Haldane, the Bank of England’s former chief economist, has predicted that high inflation will last for “years, not months”, while Cornwall Insight predicts energy prices will remain high and volatile well into the 2030s.

Each week, the New Statesman‘s new newsletter, The Crash, will help you understand a world heading into a global economic slowdown, unraveling the strands of a complex “long emergency”, and explaining how they connect to one another.

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