For subscribers
The growth tide is ebbing in a shock-prone, supply-constrained world: Nobel laureate
Demographics and public debt are among the brakes on growth. The AI revolution could come to the rescue but it will take time, says economist Michael Spence.
Sign up now: Get ST's newsletters delivered to your inbox
The AI revolution could come to the rescue but it will take time, says Nobel Prize-winning economist Michael Spence.
ST PHOTO: JASON QUAH
Follow topic:
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.
