The planet heats, the world economy cools – the real global recession is ecological

The recent Canadian forest fires led to the economic powerhouse of New York City being choked in a noxious orange smog. Photograph: Noah Berger/AP

First it was the pandemic. Then it was the war in Ukraine. Next it could be the climate crisis.

On Monday last week the world registered its hottest-ever day but the record lasted only 24 hours before it was beaten by an even more sizzling Tuesday. And while the temperature continues to warm up the global economy continues to cool down.