World Bank states "as central banks across the world simultaneously hike interest rates in response to inflation, the world may be edging toward a global recession in 2023".

Discuss the role and nature of monetary and fiscal policy at the onset of the looming 'global economic crisis' as predicted by international organisations. Provide a critical assessment of whether Australia's economy will perform better, in relative terms, in comparison to other developed economies and avoid the economic downturn in the short run scenario.