Let me turn to population trends to illustrate that unforeseen events do not always imply a need for a downward revision of expectations, but can instead require an upward adjustment. A decade ago, Austria’s demographic projections pointed toward stability, even decline.ii Yet, recent unforeseen developments have transformed perspectives.
Largely due to migration, Austria’s population is expected to grow by as much as 12% until 2040 according to the latest forecasts.iii The impact of migration serves as a reminder that we live in an age of globalization. One reason for gloomy expectations in Europe is a widespread perception that we are about to be overtaken by strongly growing emerging economies.