Concerned that politicians have underestimated popular resistance to globalisation, Klas Eklund, senior economist at the Mannheimer Swartling law firm, fears the next global recession is on the horizon and that the mechanisms to tackle a downturn are inadequate.
Like many other economists, Mr Eklund is of the view that the Swedish central bank, the Riksbank, should have raised interest rates sooner. “Once rates begin to rise, we will be at the end of the business cycle and the risk is that policy will become procyclical instead. There is then an imminent risk that there will be a stronger populist backlash in Europe, one in which simple answers are sought, such as closing borders …,” he says.
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