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The global stagflation shock of 2022: How bad could it get?

By Valentina Romei and Alan Smith
Financial Times·
12 mins to read

Only last year, many economists were expecting 2022 to be a period of strong economic rebound. Businesses would return to full operation post-Covid. Consumers would be free to splash their accumulated savings on all the holidays and activities they had not been able to do during the pandemic. It would be a new "roaring twenties", some said, in reference to the decade of consumerism that followed the 1918-21 influenza.

Fast forward a few months and the more commonly cited parallel

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