Director’s Remarks, May 2019 NIER

"Although we identify material and worrying risks to both the global and UK economy, the global economic expansion looks set to persist. There is, of course, no mechanical rule we can use to call time on any expansion and so we will continue to study whether particular risks are materialising in a manner that stumps policymakers. Remarkably, given the caustic nature of much recent economic commentary, as we come to the end of the second decade of the 21st century we find a remarkable story: global economic growth of nearly 4% per annum this decade implies that world output has risen by nearly 50%, without any material signs of price inflation."