Global Stagflation Shocks: Macroeconomic Challenges and Repercussions

Jovica Pejčić – Faculty of Economics in Subotica, University in Novi Sad, Serbia

Abstract: This paper analyses key macroeconomic repercussions of the global pandemic and geo-political crises in terms of growing recessionary and inflationary pressures, and finally, the potential occurrence of stagfla­tion. Primarily, stagflation shocks in the 1970s are analyzed and compared to the current crisis for the period January 2020 – July 2022 in the example of selected economies (the United States, Germany and France). Descrip­tive analysis showed that in the observed period, inflationary and recession­ary pressures existed in USA, Germany and France; however, those pressures could not be identified as stagflation, since they did not happen simultane­ously. Namely, during the pandemic crisis, recessionary pressures were pres­ent, since the GDP growth decreased till the first quarter of 2021 in analyz­ed economies, while inflation rates were stable. On the other hand, with the recovery of economies in the second quarter of 2021 inflationary pressures were stronger, intensified by the geopolitical crisis. Therefore, it seems that the most visible anomaly of the global economic system in 2022 is the pres­ence of inflationary pressures.

6th International Scientific Conference on Recent Advances in Information Technology, Tourism, Economics, Management and Agriculture – ITEMA 2022 – Conference Proceedings, Hybrid (University of Maribor, Slovenia), October 27, 2022

ITEMA Conference Proceedings published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia

ITEMA conference partners: Faculty of Economics and Business, University of Maribor, Slovenia; Faculty of Organization and Informatics, University of Zagreb, Varaždin; Faculty of Geography, University of Belgrade, Serbia; Institute of Marketing, Poznan University of Economics and Business, Poland; Faculty of Agriculture, Banat’s University of Agricultural Sciences and Veterinary Medicine ”King Michael I of Romania”, Romania

ITEMA Conference 2022 Conference Proceedings: ISBN 978-86-80194-63-9, ISSN 2683-5991, DOI: https://doi.org/10.31410/ITEMA.2022

Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/) which permits non-commercial use, reproduction and distribution of the work without further permission. 

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