Even during the coronavirus pandemic, many economists were surprisingly unanimous: the great danger was a phase of low inflation, perhaps even deflation. A few years later, the picture is different. Inflation reached historic highs in many countries, supply chains collapsed and economic developments turned out differently than expected.
The pandemic was not just a health crisis - it was also a stress test for economic forecasts. This article shows where experts were wrong, why this was the case and what lessons can be learned for future assessments.