HSBC Group Chief Economist Stephen King argues that we in the West are in line for a shock when we discover that the high-growth rates to which we're...

Tom McKay

HSBC Group Chief Economist Stephen King argues that we in the West are in line for a shock when we discover that the high-growth rates to which we're accustomed aren't coming back. In the U.S., we've been wrongly budgeting for a return to 3.5% average real growth rates that persisted through the second half of the 20th century - an affliction suffered by both policymakers and households that he calls an optimism bias. (VIEW LINK)


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