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Rediscovering Growth
After the Crisis
The Economic Climate
The difficult economic climate in Europe and the United States since the financial crisis is set to continue as the New Normal, despite frantic efforts to stimulate growth.
Historical Context
The long phase of expansion that lasted from the 1980s until 2008 was driven by easy money, cheap imports and confidence – all gone.
Geopolitical Shifts
And the shift of geopolitical power to Asia is permanent.
Looking Ahead
This does not mean that Western economies are inevitably condemned to ‘lost decades’ ahead. They can rediscover productivity and growth – but governments face formidable political obstacles to the reforms this would require.
