This is because of short planning horizons related to short business cycles, short political cycles and the mandate of central banks. Carney called this the Tragedy of the Horizon and he argued it could be broken by combining data, technology and expert judgment.
What’s happening in the global economy at present? Let me begin by talking about where we are. The global economy, and especially the Asian region, has seen its share of fluctuations over the past few years. On the latest estimates it appears that, as measured by the IMF, the world economy expanded by about 2½ per cent in 2001.