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Centuries-old stagnation is returning. Inflation will decline over the next few years to well below 2%. Labor market tensions are decreasing and unemployment is stabilizing at slightly elevated levels. Demand is weak, and mediocre GDP growth of up to 1% resumes until 2030. Money hunts for capital growth opportunities, such as real estate, not productive investments. Real interest rates are becoming a little negative again. Capital is distributed irrationally, and productivity growth remains low.