서울국제포럼 The Seoul Forum for International Affairs(SFIA)

[Economy · Trade] [송경진 회원/Song Kyungjin] Global cooperation, skillful leadership needed to address stagflation (The Korea Times 2022.06.22)

Date: 2022-06-24

The Korea Times | Song Kyungjin  head of the Seoul-based Innovative Economy Forum

 2022.06.24

 

Rising inflation and low growth are portents of stagflation, which the world previously experienced in the 1970s. Protracted "quantitative easing" since the 2008 global financial crisis, disruptions in global supply chains initiated by the COVID-19 pandemic and further exacerbated by the war in Ukraine, and record-high energy prices have all attributed to rising inflation around the world.

Whether or not the global economy is heading toward stagflation is not certain, but the possibility of it is growing. Mohamed El-Erian, an Egyptian-American economist, already warned that stagflation is "unavoidable" due to declining growth and rising inflation.

Yet there is little room for international policy coordination and cooperation as done immediately after the eruption of the global financial crisis in 2008. The U.S.-China competition and the war in Ukraine stand in the way of mustering the will for global collaboration, which is much needed at the moment.

 

 

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Source: https://www.koreatimes.co.kr/www/opinion/2022/06/791_331438.html

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