However, the challenges that the advanced economies face to achieve adequate future economic growth go far beyond solving these international problems. The crisis has reduced the growth potential of these countries and has challenged the more recent growth model based on the creation of demand through credit and indebtedness, which relies on expansion in construction, car production or financial services.
The delocalisation of significant sectors of industry to emerging economies like China and India, increasingly of a non-traditional type, makes productivity growth in advanced economies more difficult, as productivity grows less in the services sector. This difficulty reflects the new phase of globalisation that we have entered.