The macro environment we are facing is more complex than at any time in history: first, the slowdown of global economic growth coexists with high inflation, It is different from the man-made energy crisis in the 1970s Stagflation caused by (Middle East oil crisis). The current high inflation is mainly the supply chain problem caused by the external impact of the covid-19 epidemic; second, the energy crisis and energy coexist, but in the process of energy transformation, the instability of new energy leads to the rise of traditional energy consumption; third, the global monetary policy is continuously tightened due to high inflation, but the economy is under downward pressure The risk of making a comeback from stagflation to a new round of recession increases. The high inflation caused by the supply chain not only raises the price of raw materials, but also inhibits the expansion of demand. In the future, even monetary easing will be difficult to stimulate demand, because monetary easing again will lead to inflation rising, which in turn will inhibit the growth of consumption.
