Ferchi

All this comes at a time of great challenge. Profound changes, as emerging economies led by China converge toward the West, will redefine the global order. Beyond the current economic downturn, which is surely the most serious since the Great Depression, lies the even more serious challenge of the rise of technologies that may well raise average productivity but displace large numbers of workers. Public debt is running up in a way that is without precedent except in times of all-out war. And a combination of the share of the population that is aged and the rising relative price of public services such as healthcare and education pressure future budgets.