The writer is chief economist of G+ Economics
As an extreme surge in European gas prices rattles markets, suddenly stagflation has returned as a risk for investors to factor into their outlook, casting a shadow over the recovery from the Covid-19 pandemic.
The threat might be far from a repeat of the 1970s when double-digit inflation rates, rising unemployment and weak economic growth left scars on the collective memory of markets.
However, the risk of a stagflation scenario of slowing growth and rising prices is enough for investors and policymakers to worry about.
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