The 2010 Outlook was titled ‘Budgeting for a New Normal’, and it argued that over the next few years:
“We will start to see a rebalancing of the global economy. The West will see lower consumption, as people rebuild their savings, and borrow less. In turn, this will mean lower export demand for the emerging economies. The outcome will be a more sustainable world economy, but it will be a difficult journey.”
Today, this still seems to be an accurate view, particularly the sense that it will be a “difficult journey
