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The global economy is entering a period of considerable economic uncertainty. Many prominent institutions and experts are forecasting a "two-speed" global economy in which growth will continue in the emerging economies but slow if not stall in the West. They indicate that many countries in the West have yet to manage successfully a long list of difficult challenges (debt, eroding infrastructure, aging populations, shortage of appropriately skilled workers, low productivity, climate change, etc.), potentially resulting in slower growth, decreasing revenues and fewer public policy options over the next decade. While these forecasters acknowledge that emerging economies have many internal challenges (infrastructure, skills shortages, development of internal markets, etc.), it is broadly assumed they will overcome these challenges and grow at a significant rate in the next10 to15 years.
