8  BIS Review 167/2010  The forecasting issue here is how persistent is this change likely to be. Is it just a temporary phenomena that will wane as memories of GFC fade? Or has there been a long-lasting change in attitudes after two decades of rapid increases in household borrowing?
But as the World Bank’s Growing United report rightly states: “opportunities for firms and people are complementary and jointly determine the potential to grow inclusively”. If it’s true that an economy with few opportunities for people loses economic and political viability, it is also true that the lack of opportunities for firms promotes the migration of both people and firms towards more dynamic economies.