What is new and important in the global economy?

We believe six mechanisms are important and new for the global economy: The slowdown in productivity and in potential growth The lack of core inflation even when unemployment is low The limit to rises in the oil price due to shale oil in the United States Given the very high debt and the low inflation, the persistently low interest rates The disappearance of the factors that caused recessions and cycles in the past The complete change in China’s role in the global economy