What changes – More capex #1: more resilience
INVESTMENT SPENDING SHARE OF GDP
34
34
US RECESSIONS SHADED. INCLUDES IMF FORECASTS FOR NEXT YEAR.
32
32
EMERGING ECONOMIES
30
30
28
28
26
26
24
24
22
22
ADVANCED ECONOMIES
20
20
1980 1985 1990 1995 2000 2005 2010 2015 2020 2025
1
Sources: IMF, NBER
47
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