However, it is not clear to what extent they could take those risks onto their balance sheets. After all, social security systems are being reformed mainly to spare future workers at least part of the expected costs of population ageing (a concern that is also behind the introduction in several countries of the so-called notional defined contribution schemes for public pensions).
But in broad strokes, we expect household and government spending together to contribute about 1½ percentage points of growth. So to reach at least 2½ per cent GDP growth, we will need at least a 1 percentage point contribution to growth from net exports and investment.