The country’s failure to break out of its near-two-decade economic lethargy is destabilising its politics – a common predicament across Europe. Calls for more state spending miss the point. The only real fix is reforms that unlock the supply of land, labour, energy, and capital.
Editor’s picks
- The Big View
Its $4 trln economy is speeding ahead at 8% but companies aren’t opening their wallets. A decade of effort by New Delhi to revive animal spirits has flopped as weak demand, debt aversion and family-office fever sap investment. The result: growth that looks fast but feels flimsy.
- Considered View
A listing for cash-bleeding OpenAI or Anthropic might seem needlessly far-fetched while they enjoy lavish private backing. Yet it could set up a path to ease governance hassles and tap vast capital, handy in a downturn. As with so many AI promises, it’s an option on the future.
- Breaking View
The US seizure of an oil tanker is a big escalation amid calls by Washington for the Latin American state’s leader to go. If regime change happened, Venezuela’s 300 bln barrels of reserves could move oil markets. Yet the path to an output surge looks long, costly and uncertain.
- Considered View
Kyiv is cancelling $3 bln of GDP warrants left over from past debt restructurings. Those unusual contracts were supposed to compensate investors if the country grew quickly. But they’ve now left war-ravaged Ukraine facing a big hit. Cleaning up the terms looks costly too.
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