I mention this fact to address the concerns of some observers that recent revisions to the national income and product accounts have changed the evidence on post-1995 productivity growth. The last two annual revisions have indeed lowered output growth, but these adjustments followed several years of upward revisions.
There is a great deal of uncertainty about how the rising tide of populism and protectionism will affect the global economy over the longer term. The benefits of globalization are being questioned. Policymakers must therefore strike the right balance between sustaining integration, fostering economic prosperity, and addressing concerns about inequality.