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Globalised stagflation and the emerging market response

· Lesetja Kganyago, Governor of the South African Reserve Bank (South Africa)

Summary written by Dark Majestic in its own words · topics: inflation and price stability, trade, fragmentation and geopolitics, development and emerging economies

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· Lesetja Kganyago Wiki · South African Reserve Bank WikiGlobalised stagflation and the emerging market response

ContextAddress by Lesetja Kganyago, Governor of the South African Reserve Bank, at the Macro Week 2023, Peterson Institute for International Economics, Washington DC, 11 April 2023.

Why it mattersKganyago argues that emerging markets may need to accept mild recessions to cut inflation.

Problems raised
  1. Global stagflation hurts emerging markets.
  2. Inflation is persistent in many emerging economies.
  3. Advanced economies' choices spill over.
Solutions proposed
  1. Respect inflation determinants.
  2. Accept minor recessions to fight inflation.
  3. Coordinate policy internationally.
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