Meghnad Desai Academy of Economics (MDAE), India’s leading postgraduate institute for Economic, Data Science and Finance and Public Policy, hosted an insight-driven webinar on ‘Is a global recession on its way? Global macro economy today and tomorrow’, featuring the Padma Shree awardee and the Chairman of MDAE, Lord Meghnad Desai. The one-hour virtual session held on the 14th of July was attended by the institute’s faculty members and students.
The main agenda of the session was to give viewers the right tools to understand the economic landscape and interpret its repercussions on the national and individual levels.
Addressing the speculations about the upcoming global economic slowdown, Lord Meghnad Desai, Chairman at MDAE, said, “Simultaneous existence of Unemployment coupled with high inflation for a long time is defined as stagflation, which is what the world is facing right now. One must learn from past experience on how to deal effectively with such situations.” Lord Desai cited his book, ‘Why Economists Failed to Predict the Crisis and How to avoid the next one ( Harper Collins India/ Yale University Press US)’ while talking on the issue.
The webinar began with an insightful discussion on stagflation over fifty years ago, and how it is happening again in the national markets. In this session, Lord Meghnad Desai spoke about the global oil cartel members causing a hike in oil prices during the early stages of stagflation. While giving a brief rundown on how stagflation causes unemployment and inflation, he discussed the current state of stagflation in India, which is caused by rising food costs.
Lord Meghnad Desai also shared data-driven insights on the state of the global macro economy today and how it will affect us in the future. He addressed the much-talked-about issue of the global recession in 2022. Additionally, he talked about the potential state of the job market in the next five years.
Prof. Amlesh Kanekar, Director of Academic Programs, Meghnad Desai Academy said, “ Over the past year, the markets have invariably been affected by the turn of global events. The economic situation, which is dependent on geopolitical factors, has been witnessing a massive blow with the continuous dipping of the Indian rupee, the fluctuating gold price, and the ongoing crisis across countries like Russia, Ukraine, and Sri Lanka. Having deep insights about the speculated global recession from Lord Meghnad Desai was stimulating. The session was indeed thought-provoking and provided a better understanding of the current macroeconomic situation and how that will affect the global economy and the job market in the coming years.
One of the most influential economists of the 21st Century, Lord Meghnad Desai, is the Chairman of MDAE. He is also the Professor Emeritus of the London School of Economics and Political Science, England.
Lord Meghnad has 38 years of teaching experience and has authored over twenty-five books. Conferred with the third highest civilian award in the Republic of India, Padma Bhushan, in 2008, he is also a life peer in the British House of Lords.