After so many years of anaemic growth and low wages, it might seem unreasonable to suggest that the next economic downswing could be lurking just around the corner. It is true that unemployment rates have dropped dramatically and wages have picked up a touch in a number of countries, and both are useful “end-of-cycle” indicators.
On the other hand, interest rates are mostly low, President Donald Trump is offering fiscal stimulus in the US, the eurozone is more dynamic than it has been in many years and earlier fears regarding a Chinese economic meltdown now look absurd.
Why, then, worry about the next downswing? Simply put, alarm bells should start ringing precisely when so many countries are performing so well simultaneously.
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