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A bleak outlook for the economy – a regression from globalization may follow

Borús világkép a gazdaságról - de-globalizáció következhet

06/30/2022 10:40 AM

All prominent central bankers (including Christine Lagarde, Jerome Powell and Andrew Bailey) emphasized the monetary policy shift at the European Central Bank Forum in Portugal.

According to central bank officials, the low inflation environment that has defined monetary policy in recent years and which has allowed interest rates to be kept low is over. The changing environment forces a change of the system, changing the entire way of thinking.

The topic was explained in more detail by the Chairman of the Federal Reserve, who said that the effect of globalization in reducing inflation is over, and in fact, on the contrary, deglobalization, production is expected to resettle, despite the reduced efficiency and cost. Increases. As a self-fulfilling prophecy, the high inflation currently being experienced can keep inflation high in the future as well.

The devastating effect of inflation can be felt in more and more areas of the home. The increase in the cost side leads to the offer prices which consumers are no longer able or willing to pay, so some companies are forced to stop their activities. This also shows that it is not rising demand, but an increase in costs, that is driving inflation higher.

At the beginning of the year, you could basically hear about restaurants closing in Budapest for the above reasons, followed by pastry shops, and now print business magazines are facing their doom due to rising energy and paper prices, despite the trend-like presenter of online content that didn’t favor them either. As of tomorrow, Figyelő and Világgazdaság will not be published in print, although they will continue to be available online.

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However, Világgazdaság, which has been continuously published since 1969 and is referred to only as a green newspaper because of its distinctive color that has prevailed for decades, has been an important reference point for Hungarian investors. With this, we will most likely have to say goodbye to the last daily Hungarian economic newspaper.

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