Legal perspectives on inflation: Implications for economic growth in 45 nations

Inflation, a phenomenon with far-reaching social and economic implications,has gained heightened attention in the wake of the COVID-19 pandemic, prompting globalscrutiny. This study examines the current state of inflation across 45 nations and reevaluatesits interplay with economic growth, focusing on the years 2010 through 2021. Utilizingmethodologies including Ordinary Least Squares (OLS), fixed effects, and random effectsmodels, we analyze the legal ramifications of inflation on economic development anddiscern disparities between developed and developing jurisdictions. The goal of the studyis to investigate the current state of global inflation and its relationship to economicdevelopment using a sample of 45 nations for the years 2010 through 2021. Our findingsunderscore the dual impact of inflation on economic growth, with implications for legalframeworks and regulatory approaches. There was a negative impact of inflation on theeconomic growth in both 45 countries and each group of countries in the period from 2010to 2021. In contrast, inflation remained positive with economic growth during the COVID-19 pandemic period from 2019 to 2021. The motivation of this research paper is to fill thegap with previous studies, providing an overview and more objective results for theinflation situation as well as its impact on economic growth.