Shares crash 'does not automatically point to recession'

Central banks in US and Britain start to increase rates to fight inflation

Fears of recession may not be realised, experts say.

The collapse of shaken stock markets is "worrying" but does not automatically mean that a global recession is looming, a leading economist has said. 

Jennifer McKeown, head of global economics at Capital Economics, said in a bulletin that the sharp drop in valuations of stocks around the world will be a further "headwind" but do not necessarily point to recessions in major economies.