The correlation is much stronger than the one between political popularity and economic growth (see Chart 2), which indicates that, for a given level of growth, healthy public finances reward governments. This suggests that political leaders who have the courage and the ability to reconcile balanced public finances with the economic growth are rewarded over time.
Democratic systems should not to be blamed if advanced economies risk stagnation and do not grow. They are in danger only if people succumb to the illusion or become resigned to thinking that democracies do not allow change. Centuries of history demonstrate just the opposite: that without democracy there is no change, and sooner or later there is decline. Thank you for your attention.