02 Feb '11, 12pm

Inflation might become next global crisis

Inflation might become next global crisis

SINGAPORE : Inflation might just become the next crisis to hit the globe, according to UBS Investment Bank's senior economic advisor, George Magnus. He had also correctly predicted that the sub-prime crisis would lead to a recession. Prices for household items like food continue to go up today. If inflation rises further with no solution in sight, some believe it could lead to a new crisis which will cripple the world economy. Experts do not believe the world will see another banking crisis in the near future. They add that the economic restructuring in the West will go on for 10 to 15 years. That will mean that Western countries will have to save more, while Asian countries like China will save less. So the key question is, how will China rebalance its economy to meet new challenges like inflation? Some analysts said that China simply not doing enough for now. Mr Magnus s...

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