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Stimulus-driven inflation is the least of Asia's problems

Cost of inaction is much higher than putting too much money into system

| Philippines
A soldier guards an empty street following the lockdown in Manila on Apr. 24: policymakers need to cushion the current impact, even if it entails costs later on.   © Reuters

Frederic Neumann is Co-head of Asian Economics Research at HSBC.

Central banks are printing money. Governments are spending as never before. Shortages have emerged from medical supplies to some food items. Surely inflation is about to soar?

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