Since 2007, the world economy has lain in the shadow of huge financial crises. Crisis engulfed the US, the UK and other western high-income economies in 2007 and 2008. From 2010, it engulfed the eurozone. Japan never fully recovered from its crisis of the 1990s. Meanwhile, emerging countries have continued to grow robustly, though concerns have grown about these countries too, not least over the ability of China to manage a transition to slower and more consumption-led growth.
So how do Gavyn Davies of Fulcrum Asset Management and Huw Pill, chief European economist of Goldman Sachs see the economic future? What might it mean for the luxury industry?