It will also be a low growth world — witness the downward revisions to growth projections ofboth the Federal Reserve and the Bank of England this month. The eurozone and Japan,despite enjoying the benefits of big competitive devaluations, are struggling to deliver half-decent growth rates.
这也将是一个低增长的世界——看看吧,本月美联储和英国央行(BoE)都调低了本国的预期增长率。欧元区和日本尽管享受着大幅竞争性贬值的好处,但仍难以达到像样的增长率。
And competitive devaluation is anyway a zero sum game that does nothing to boost theglobal economy. China is slowing palpably even if the official figures are disguising theunderlying reality. The post-crisis assumption that emerging market economies would showthe developed world a clean pair of heels now no longer holds.
无论如何,竞争性贬值是一种零和游戏,对提振全球经济毫无贡献。中国明显开始放缓,尽管官方数据掩盖了根本现实。危机后有关新兴市场经济体将把发达经济体远远抛在后面的假设,如今再也站不住脚。
Against a background of inadequate global demand the collapse in energy and commodityprices has added powerful disinflationary impetus. Wage increases in the developed world, withthe notable exception of the UK just recently, have been subdued.
在全球需求不足的背景下,能源与大宗商品价格崩盘增添了强大的通胀减缓动力。发达经济体的工资增长一直低迷(英国最近出现的情况是个突出的例外)。
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