The Global Economic Landscape: Some Reflections

Introduction
Growth has stalled in the global economy. Stock markets have plummeted. Risk appetite has declined and there has been a flow of resources to safe havens. The IMF has stated that the world economy has entered its most dangerous phase since the financial crisis of 2008. The ammunition available to policy-makers is much reduced with interest rates at extremely low levels and the scope for expansionary fiscal policy circumscribed by the large stimulus packages already introduced.