A lost decade?

A lost decade?* This refers to the RBI Deputy Governor Patra's observation that "2020s may be another lost decade for global economy" (Report, The Hindu Business Line, June 13). Traditionally, central bankers use audiences like the one at the KLEMS Conference to think aloud about global issues that affect policy formulation and economic growth. Here, Patra's thoughts border on pessimism. In reality, the challenges of 2020's open up opportunities for emerging economies like India and food for thought to do called developed countries to rethink about the self-centred and monopolistic policies they have been following. Financial crises, impact of the pandemic and the war in Ukraine have taught the rich and the greedy, lessons which hopefully will force them to realign priorities. M G Warrier Mumbai *Published in The Hindu Business Line

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