I live in Germany, which by some accounts, is the third largest economy, and we have literally no answer for what is next, economically. Neither in the public nor private sectors. Nobody is investing, nobody is building new things, nobody even knows what to do next. But the story is the same throughout Europe as far as I can see. All industries hope to keep selling the same old shit. But the 3rd world is catching up. They can manufacture goods that are just as good, and for much cheaper. Heck, some can even do it cleaner too, since they have access to cleaner energy sources. But we also have no real 21st century income streams.
It looks to me as though, only the US and China are undertaking really innovative projects.
Is my reading of the situation flawed? I would love to have your input.
Germany’s problem, that other countries don’t have, is the “Schuldenbremse” (debt break). The USA and China are heavily investing by taking on debt while Germany isn’t investing anything and can barely keep public services alive.