Slow growth: Workers are seen at a construction site in Beijing. After a muscular recovery from a slump early in 2020, China’s economy may also be starting to slow, or at least consolidate. — AFP
THE shift under way in global monetary policy is more subtle evolution than revolution. For all the talk about a pivot toward higher interest rates, conditions are likely to remain relatively lax for years to come in the economies that matter most.
Central banks are unlikely to engage in new aggressive approaches to spurring growth and buttressing markets; the global expansion in 2021 is projected to be one of the strongest in decades after the worst showing in almost a century last year. That isn’t the same thing as a consequential tightening. Any reversion to what constituted normal before the pandemic is years away, at a minimum.
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