Inflation. It doesn't quite compare with Covid or Ukraine, but it's a word we've been hearing an awful lot of recently.
And now we're hearing about 'stagflation.'
The Ukraine conflict has complicated the inflation picture and turned the environment into stagflation - which is characterised by slow economic growth, high unemployment and continued price rises.
Stagflation first reared its ugly head in the 1970s when many developed economies experienced rapid inflation and high unemployment as a result of an embargo led by OPEC, which resulted in crude oil prices doubling.
Jeffrey Halley is a New Zealander who alternates between Jakarta and Singapore as the Senior Market Analyst/Asia Pacific for the OANDA corporation. He joins the show to explain what stagnation is and why we don't need to start worrying about depression just yet, despite the economic outlook globally looking challenging and uncertain.
Photo: RNZ / Vinay Ranchhod
