Driven by forces that policymakers are finding hard to control, growth in the global economy is at an inflexion point, says Nobel Prize-winning economist Michael Spence. Worsening demographics, changes in labour markets, the end of a long deflationary era, climate shocks, politically driven economic decisions and a less globalised world economy have imposed new constraints on growth.

Advances in artificial intelligence (AI) and, to a lesser extent, robotics are possible silver linings, he says, but their impact will be felt only gradually.