With a variety of larger forces driving profound changes, the outlook for the global economy was cloudy even before Donald Trump's return to the White House added to the uncertainty. But one thing is clear: the previous era of global interdependence based on efficiency and mutually beneficial arrangements is over.
MILAN – US President Donald Trump’s second administration coincides with a period of rapid structural and technological change, driven by three trends. First, shocks from the pandemic, new wars, climate change, and geopolitical tensions continue to reverberate through the global economy. Second, broader secular trends continue to inhibit growth and create new inflationary pressures. And third, scientific and technological breakthroughs are transforming a wide range of sectors, from digital services and biotech to energy.
MILAN – US President Donald Trump’s second administration coincides with a period of rapid structural and technological change, driven by three trends. First, shocks from the pandemic, new wars, climate change, and geopolitical tensions continue to reverberate through the global economy. Second, broader secular trends continue to inhibit growth and create new inflationary pressures. And third, scientific and technological breakthroughs are transforming a wide range of sectors, from digital services and biotech to energy.