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The Big Take

Central Banks, Not Covid, Will Drive Global Economies in 2022

The biggest risk this year is that policymakers call the post-pandemic recovery wrong.

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Photo Illustration: 731; Photos: Getty Images; Alamy; Federal Reserve

News flash: The coronavirus isn’t going to be public enemy No. 1 for the global economy in 2022. The biggest dangers this year will stem from inflation and the risk that policymakers will call the post-Covid recovery wrong.

This is the year we’ll find out whether the global economy is robust enough to get by with less help from governments and central banks. And whether inflation is a temporary byproduct of Covid or a more persistent problem.

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