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Growth divergence

Prior to the #gfc, Europe and the US where somehow synchronized in terms of growth. The ‘08 crisis separated Germany and the US from the rest. And despite negative rates and quantitative easing, only Spain and Portugal are currently slightly above where the were on 2008. However, after #covid, not even Germany has been able to surpass 2020 gdp levels. The stimuli hasn’t been effective enough to reignite productivity, yet it’s been damaging enough to make european inflation higher to the point of choking the European consumer. Now, the #ecb is forced to act hiking rates to control inflation, which can be lethal for growth.

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Source: Robin Brooks

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