Persistent high inflation combined with high unemployment and stagnant demand in a country’s economy.
- The result was stagflation; tighter monetary policy that did not reduce inflation, but it did lead to a small recession that increased unemployment.
- Declining business performances and soaring consumer prices indicate that the nation could suffer stagflation with low economic growth and high inflation this year.
- In the late 1960s the postwar boom unraveled, giving way to a series of economic gyrations - inflation, slump, then stagflation and slump again.
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