Interesting short piece on whether the world is facing an extended period of greater economic difficulty:

Just how we got to this point was laid out to the world’s central bankers at their annual retreat in Wyoming last month by Agustin Carstens, head of the Bank for International Settlements (BIS) which effectively serves as the central banks’ banker.

According to Carstens, much of the world economy from the 1990s enjoyed three decades of solid, low-inflation growth due to benign tailwinds including stable geopolitics, technological advances, a spurt in globalisation and an ample pool of labour.

[…]

The 2008/09 financial crisis, pandemic and Ukraine war have revealed how fragile this growth fueled by cheap debt and just-in-time supply chains was. Now, the greater fear is that those tailwinds keeping it all up in the air are turning to headwinds.

Analysis: This might hurt: tectonic plates of global economy shift | Reuters