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recovery coupled with high oil prices since early this year may put more pressure on inflation. Against this backdrop, central banks worldwide are highly likely to adopt a more tightening stance, especially
previous forecast of 3.9 percent. Regarding monetary policy of central banks worldwide, the US Federal Reserve maintained its tightening stance by raising its policy rate and continuing to reduce its massive
, whereas the European Central Bank and the Bank of Japan may opt for tapering of their quantitative easing stance. Against this backdrop, interest rates in several countries are likely to be on an upward
forward, any improvement in the global economy will mainly hinge on the above factors. As a result, several central banks are expected to maintain their accommodative stance. Even though the Federal Reserve
, which helped support investors’ confidence. This is despite the fact that this factor, coupled with the stable policy rate, resulted in increased volatility in money and capital markets as well as foreign