This suggests that the growth rates of advanced economies and those of emerging economies are beginning to converge. The third factor is the end of globalization, or deglobalization. Sluggish growth in goods trade since 2008, coupled with recent geopolitical tensions and rising concern over economic security, has led to a global restructuring of supply chains.
It has been argued that the shift from the era of integration and efficiency to that of segregation and stability will bring high inflation. The fourth factor is the change in demographics.