If the Covid-19 pandemic turned our world upside down, Russia’s invasion of Ukraine has added to the global economic gloom. We thought it apt to now take a quick snapshot of major economies undergoing stress and of places where policy action is going against the grain. We also wanted to take a peek into nations that are doing rather well, when the rest of the world is surrounded by uncertainty. We chose to review the US’s interest actions, the UK’s fiscal and currency woes, Turkey’s unbridled inflation and counterintuitive interest rate moves, the blossoming of Vietnam’s economy in a world full of economic stagnation, with Indonesia close on its heels and insistence by Japan’s central bank that it won’t raise rates given that it has the lowest inflation rate among major economies.
Rohit Azad, who teaches economics at JNU, shares his views with us on these global trends.