Asia is growing fast, but risks drowning in inflation. Figures released on Tuesday showed that India grew by 8.2 per cent in the third quarter, while its budget, unveiled this week, predicted growth rising to 9 per cent in 2012 against a background of sharply rising prices. China is growing quickly too, while labour shortages have sparked sharp gains in worker compensation. Politicians shrug off spikes in oil and food costs as temporary, but prices are rising at their fastest pace since the inflation explosion of 2008, and threaten a wage-price spiral. Without action, the hit from inflation will cut short Asia’s impressive recovery.
亞洲經濟正快速成長，但有可能溺斃於通膨之中。週二發佈的數據顯示，去年第四季度印度經濟成長8.2%，而本週公佈的政府預算預測，在物價急劇上漲的背景下，2012年印度經濟增幅將升至9%。中國經濟也成長迅猛，而勞動力短缺已推動工人薪酬大幅上漲。政府官員們認爲油價和食品價格飆升只是暫時現象，不必多慮，但目前物價正以2008年通膨爆發以來的最快速度上漲，並有可能觸發新一輪「工資-價格螺旋上升」。若不採取行動，通膨的衝擊將終結亞洲令人讚歎的復甦。