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Emerging markets have experienced some of the worst scarring from the pandemic, resulting in lower growth than had been projected. China, which gets half its oil imports from the Persian Gulf, is struggling with a collapse in the real estate market and its weakest growth in nearly three decades.
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Silicon Valley Bank (SVB), which served tech start-ups, shut down after a rapid slide in deposits. Its clients were struggling to raise cash, thanks to a tech downturn, and had to withdraw deposits.
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The US was the first major economy where inflation took root, as a wave of pandemic relief money from the government set off a boom in activity and spending.
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