Key Calls
- Equilibrium policy interest rates are still low.
However, inflation has become structurally more
volatile.Emerging markets will drive three-quarters of global
growth by 2050.
Nevertheless, a genuine challenger to the dominance
of the US dollar is unlikely anytime soon.
Constrained fiscal space means tax takes and the term
premium will increase over time.
- AI will not cause net long-term unemployment.
The nature of globalisation will continue to change as
the world fragments.
Mounting political polarisation will create sharp swing
in economic, regulatory and social policy.