While we are still in a period of high uncertainty, and we should not exclude setbacks on the road back to sustainable growth rates and stable financial market conditions, we also need to prepare ourselves for “normal” times.
From the aggregate demand perspective, the structural change is associated mainly with population aging, growing debt and worsening income imbalances, which result in a decline in consumption and investment. From the aggregate supply perspective, meanwhile, a prominent cause is our inability to improve productivity in a timely manner due to a shortage of investment.