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  "documentTitle": "Trend 2050 Economics and Business",
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  "notes": "Includes a sidebar with narrative context and footnotes explaining the Fisher equation methodology.",
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      "text": "In the event of positive real interest rates, it will become more difficult to steer the countries' elevated debt levels in a sustainable manner.",
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      "text": "Long-term real interest rates in selected economies",
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      "text": "1) The calculation of real interest rates is derived from the Fisher equation... 2) The nominal rate is represented by yields on 10-year government bonds... 3) Nominal 10-year bond yields deflated using 10-year inflation adjustment 2024-2033",
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      "text": "In recent years, long-term interest rates in industrialized countries have been converging toward low or even negative levels. Adjusted for inflation, real long-term interest rates were broadly negative. This has changed over the course of 2022 due to soaring inflation rates and central banks aggressively hiking rates. While real interest rates are still negative in some industrialized countries, analysts' long-term expectations indicate that real interest rates could again exceed the 0% threshold in the long term. In the event of positive real interest rates, it will become more difficult to steer the countries' elevated debt levels in a sustainable manner.",
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      "text": "Source: Consensus Economics; Federal Reserve Bank of St. Louis; Roland Berger",
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      "text": "In the longer term, analysts expect real interest rates to return to positive territory, posing a potential debt challenge for governments",
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