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Slower growth and higher inflation the hallmarks of a post-Covid-19 world
Despite last year's bounce back, the question is how fast economies can grow once pandemic stimulus recedes.
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With inflation back, policymakers will no longer feel empowered to keep growth alive with constant doses of stimulus.
PHOTO: AFP
Ruchir Sharma
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(FINANCIAL TIMES) - A hot spurt for global growth is generating breathless headlines. India is on pace to be "the world's fastest growing large economy" and France is posting its "strongest growth in 52 years". President Joe Biden cites the latest quarterly growth data as evidence that the US economy is growing "faster than China's" for the first time in two decades and is "finally building an American economy for the 21st century".
Alas, 2021 looked so good only because so many economies contracted sharply the year before. This bounce-back blip says nothing about the 21st century.
