Kevin LingsOver the past 10 years the world economy has gradually recovered from the global financial crisis, growing by a respectable annual average of 3.8% from 2010 to 2019. This compares favourably with an average of 4.2% in the 10 years before the crisis.
The country’s economic deterioration has become self-reinforcing. Breaking this self-reinforcing stagnation is critical to an economic revival, especially if the global economic environment is becoming more challenging. The overarching and most urgent challenge will be to ensure a sustained pickup in economic growth that is sufficient to cause a widespread increase in employment.
This means countries will have to expand their tool kits, focusing on policy areas that have been somewhat neglected, including the role of competition policy, the impact of business regulation and the usefulness of labour laws. Governments will need to focus not only on the speed of growth, but also the quality of growth.
The impact of ageing populations, especially in the developed economies of the euro area, US and Japan. The changing demographics have implications for these economies, including the nature of consumer spending, the provision of health care, and the retirement industry.
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