Stagflationary trend in OECD countries

OECD countries are likely to move to a stagflationary trend (inflation and sluggish growth) due to: The lack of productivity gains; Increased pressure on labour markets, due to declining labour force growth leading to higher inflation; The weakening of global growth, which will lead to a weakening of investment rates; The costs incurred by the energy transition; The determination to reshore strategic industries. The normal scenario for the future is therefore a stagflationary scenario and no longer a scenario of modest growth with no inflation.