They’re right to worry, says Maurice Obstfeld, a former chief economist at the International Monetary Fund.
The world economy has a decent shot at escaping a full re-run of 1970s-style stagflation – and that’s about as far as the good news goes.
A historic surge in commodity prices after Russia’s invasion of Ukraine, coming on top of already-high pandemic inflation, has gotten investors and economists searching for parallels with the energy shocks of four decades ago and the prolonged slowdowns that followed.
