This combination of high debt and rising inequality may be the source of the secular stagnation that is making structural reforms more politically difficult to implement. If anything, the rise of nationalistic, populist, and nativist parties in Europe, North America, and Asia is leading to a backlash against free trade and labor migration, which could further weaken global growth.
高债务和不平等性加剧的组合也许是长期停滞的根源。长期停滞导致结构性改革从根本上更加难以实施。欧洲、北美和亚洲民族主义、民粹主义和本地主义政党的刑期正在导致针对自由贸易和劳动力迁徙的阻挠斗争，而这将进一步削弱全球增长。