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    you are here: HomeNewsOpinion

    The world is not ready for the long grind to come

    Demographic changes and deglobalisation will keep inflation higher than policymakers were used to pre-pandemic

    Ruchir Sharma
    ©The Financial Times Limited 2020 Jan 30, 2023 / 11:05 AM IST
    All Rights Reserved. FT and Financial Times are trademarks of the Financial Times Limited Not to be redistributed, copied or modified in any way.
    The world is not ready for the long grind to come

    Though the 2020 recession was sharp, it was the shortest since records begin, lasting just two months. (Representative image)

    Over the past half century, as governments and central banks teamed up ever more closely to manage economic growth, recessions became fewer and farther between. Often they were shorter and shallower than they might have been. After so much mildness, most people cannot imagine a painfully lasting business cycle. But the global economy is heading into a period unlike any we have seen in decades. Faith in government as a saviour in recessions has been worming its way into people’s...

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