Some argue that inflationary pressure on the economy will increase due to higher government spending, tighter regulations, and accumulating fiscal deficit and government debt. The second factor is the convergence of economic growth. With China's high growth coming to an end, the growth rates in emerging economies are declining.
This suggests that the growth rates of advanced economies and those of emerging economies are beginning to converge. The third factor is the end of globalization, or deglobalization. Sluggish growth in goods trade since 2008, coupled with recent geopolitical tensions and rising concern over economic security, has led to a global restructuring of supply chains.