Can Synchronized Stagnation Be Stopped?
Given the growing risk of economic stagnation, governments may soon need to provide further stimulus – ideally in tandem with broader structural reforms. But with many governments seemingly lacking the political will to take such an approach, monetary policy will likely continue to shoulder the heavy and increasingly unsustainable burden of supporting growth.
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ITHACA – The global economic slowdown is turning into a synchronized stagnation, with some major economies growing only weakly and others barely at all – or even contracting slightly. For now at least, fears of an imminent global recession seem premature. But policymakers have little appetite for fundamental reforms and limited room for effective macroeconomic stimulus, and thus seem at a loss for ways to revive growth.