The anguish is palpable. First, it was the news that India’s nominal gross domestic product is growing at its slowest pace in more than four decades. Now comes the inflation data for December, showing the steepest rise in consumer prices since July 2014. If this is the onset of stagflation, then it»»»

By Eswar Prasad ITHACA — The drumbeat of warnings about a looming worldwide recession is growing ever louder. According to the latest Brookings-Financial Times TIGER indexes, which track the global economic recovery, growth momentum is declining in virtually all of the world’s major economies. And »»»