If you look at the fiscal deficit and inflation amidst a scenario where there have been twin crises - Covid followed by the Ukraine war - I think the macro fundamentals have looked very good when put against the previous global financial crisis. Firstly, it was only a demand-side shock and not a supply-side shock as Covid was and not immediately followed by another shock like the Ukraine war, says Krishnamurthy Subramanian. Read The Rest at :
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