The world economy is at risk of slipping into a deflation trap and faces a historic drop in global trade that should serve as a wake-up call for governments around the world, two leading economic institutions have warned.
The International Monetary Fund warned yesterday that a “broad-based phenomenon” of low inflation, fed by a collapse in commodity prices and faltering demand, risked deteriorating into a full-blown deflation trap, particularly in advanced economies.
Governments needed to join central banks, which were increasingly seen to be running out of options, to do more to boost growth and raise incomes, it said.
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