For him this was more than just a manifestation of material well-being. Ladies and gentlemen, allow me therefore to argue that, apart from the need to strengthen our family and community systems, we should not lose sight of revitalising our knowledge systems which are essentially broader than preparing our children to be economically productive, asset-backed citizens of the future.
Geopolitical tensions, combined with the sharp decline in international trade recorded in the last few quarters, weigh on firms’ confidence and on investment. Employment and wage growth continue to support incomes, mainly thanks to the resilience of services, but manufacturing is particularly sluggish. If the latter proves to be persistent, it will inevitably reverberate across the other sectors of the economy.