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Thank you. good to see you again, stephen. you just heard me talk about india's current place in the world, the most populous nation, a growing economy, a stable government. would you agree that india right now is in a good place? it's not in a bad place in overall terms. that is that it's a country, it has always been, i think, a country to be reckoned with on the world stage, but now it's number one in global population, it's number three in purchasing power parity terms in the overall gdp, number five in dollar terms. it's a country of some substance. it does have free and fair elections. e...

Because the prices are measured in dollars, and the pound has lost a lot of value in the last 12 months. ana nicholls is managing editor at the economist intelligence unit. here she is on why new york and singapore are right up there. it's partly because of strong currencies. to distinguish two things, one is a local currency inflation rate which as you say was the fastest we've had in the survey for at least the last 20 years. and then also we have on top of that the strong dollar and because we actually compare all of the cities in dollar terms, we have to use an international currency, the ...

Going to be very tough. we're going to be in a recession. but i think there's a difference between recession and the end of the world. it's going to be difficult, but it's not going to be impossible. and the interesting thing about a supply—side recession is that the seeds of correction are automatically sown. so as demand drops and factories begin to empty, then prices begin to come down. and we're already seeing — beginning to see — factory prices for autumn/winter next year, spring/summer the following year, beginning to come down in dollar terms. so, you know, we can already see the ...

Squeeze, the worst squeeze on income since the 19505. and it only looks like it's going to get worse as people have to refinance their mortgages. what do you think is the outlook? you've got some retail antenna, some of the best in the business. what do you see for next year? i think next year is going to be very tough. we're going to be in a recession. but i think there's a difference between recession and the end of the world. it's going to be difficult, but it's not going to be impossible. and the interesting thing about a supply side recession is that the seeds of correction are automatica...

And we're already seeing, beginning to see, factory prices for autumn/winter next year, spring/summer the following year, beginning to come down in dollar terms. so we can already see the seeds of recovery in �*24, we just have to make sure that we get through next year in good shape. i think the one sort of silver lining to this recession is that we are in full employment and there are lots and lots of vacancies — too many vacancies. it's one of the things that's causing so much inflation. so whilst people will be squeezed, it's very unlikely that they won't be able to find work. and that...