Monday, May 19, 2003

It's official. Deflation has migrated out of East Asia and is now feared to run rampant in Germany, the largest economy in Europe. The World Health Organization has been a lot more vigorous and a lot more successful in fighting the SARS epidemic than the IMF has been in tackling deflation. The IMF now says the risk of "mild deflation" in Germany in 2003 is "considerable". Japan will see deflation again this year (that will be five years in a row for Japan) and both Hong Kong and Taiwan are considered "high-risk" for deflation. Yet what did the Seven Dwarves talk about over the weekend? Anybody? Anybody at all?

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