The writer is chief economist of G+ Economics
Covid-19 has upended traditional economic theory. After a year of panic about persistent growth disruptions, markets have been forced to come to grips with a new and unexpected source of volatility — persistent high inflation.
The sharpest contraction on record has given way to a major stock market rally and the steepest global inflation shock since the 1970s.
The only way to understand this rollercoaster of economic risks is to recognise that the Covid cycle has been driven by extraordinary supply-side shocks, as opposed to traditional demand-led forces.
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