Central Asia Braces For Economic Fallout As Russia’s Ruble Tumbles

Russia’s invasion of Ukraine, which is having devastating human consequences, has increased the risk of a stagflation environment – one of slowing economic growth but high inflation.  How should investors prepare for this possible scenario? Our analysis reveals which asset classes are likely to outperform if it comes to pass.

In general, there are four different phases of the business cycle based on the evolution of output: recovery, expansion, slowdown and recession. The table below shows the average real (inflation-adjusted)…