A Decade of...

2010-19 saw a marked difference between growth in DM and EM, but both may be about to slow. World Total Factor Productivity growth was virtually zero and China’s performance crucial. 2010-19 was a decade of record high debt following a global crisis created by too much debt. Absolute poverty levels continued to decline, yet there was perceived insecurity and hardship in many developed markets. There was a major increase in global asset prices, and in inequality, even as gaps between states narrowed. Rates went up and down again in developed markets, and yields fell to record lows; but EM also saw rates and yields spike. The USD gained against most major FX crosses. What do the 2020s hold for us if this was what the 2010s provided...