The U.S. Federal Reserve should hold off on raising interest rates until the global economy is more stable, the World Bank’s chief economist said in an interview with the Financial Times published on Tuesday.

“I don’t think the Fed lift-off itself is going to create a major crisis but it will cause some immediate turbulence,” Kaushik Basu was quoted as saying.

“The world economy is looking so troubled that if the U.S. goes in for a very quick move in the middle of this I feel it is going to affect countries quite badly,” he said.

Source: Reuters