Despite nerve-wracking ups and downs, the last 50 years delivered an unprecedented global growth dividend. But if we pursue business as usual, the odds of making similarly impressive progress over the next 50 years are not very promising.
NEW YORK – “Red warnings lights are once again flashing on the dashboard of the global economy,” British Prime Minister David Cameron declared after the G-20’s summit in November. He is right. But the real worry is not the risk associated with near-term challenges, like Japan’s return to recession in 2014 or the eurozone’s enduring sluggishness; it is the gale-force headwinds that the entire world will face over the next half-century.
NEW YORK – “Red warnings lights are once again flashing on the dashboard of the global economy,” British Prime Minister David Cameron declared after the G-20’s summit in November. He is right. But the real worry is not the risk associated with near-term challenges, like Japan’s return to recession in 2014 or the eurozone’s enduring sluggishness; it is the gale-force headwinds that the entire world will face over the next half-century.