“It’s hard to find a country that the IMF didn’t downgrade in its latest forecast. The message from its chief economist was simple: Growth is slowing. Everywhere… Maurice Obstfeld was careful not to use the word “crisis”. However, he warned that long periods of lacklustre growth risked “pull[ing] the world economy below stalling speed” and into a “low growth, deflationary equilibrium”. In other words: secular stagnation is now a real threat.””