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The very idea the public sector can improve economies is a myth. The persistant narcotic of public spending is a drag on economies because the wasteful manner on which it is applied adds to public debt. Only when governments realise they are the problem not the cure, will these issues ever be addressed properly.

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The global economy is stuck in a rut that it won’t exit unless governments revolutionize policies and how they invest, rather than just hoping for a cyclical upswing, the OECD said.

The latest outlook and policy prescriptions from the Paris-based group mark a step beyond its repeated warnings about threats to growth from U.S.-China tensions, weak investment and trade flows. Those remain, but it also flags more systemic challenges from climate change, technology and the fact that the trade war is just part of a bigger shift in the global order.

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