June 22, 2011
On NewsMax, Edward Pentin reports that “the president of the Vatican Bank has said that emerging economies may be the only countries experiencing economic growth over the coming decades, while Western nations are crippled by lack of productivity, uncompetitive labor markets, and aging populations.”
Ettore Gotti Tedeschi said the “next decades risk seeing exclusively the growth of emerging countries, and not just because of their low cost of production but also due to their advanced technological level and capacity to create capital, which is far superior to that of the old West.”
The English translation of Tedeschi’s comments have been published in the editorial “Re-inventing labor” on the website of the Vatican newspaper, L’Osservatore Romano
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