Statement by Mr Ignazio Visco, Governor of the Bank of Italy and Governor of the Constituency of Albania, Greece, Italy, Malta, Portugal, San Marino and Timor-Leste, to the Development Committee, Lima, 8 October 2016.
1. Introduction
Global growth remains disappointingly anaemic. Adverse long-term trends in advanced economies - low productivity growth, aging populations - combined with the slowdown in emerging economies and especially heightened geopolitical risks result in a high degree of uncertainty which prompt firms to scale back their investment plans. If we do not act to reverse this situation a self-fulfilling trap of low growth may take hold.