(Dec 27): Domestic politics, geopolitics and economics will be intertwined in 2020 to an extent unmatched in decades. Weak economic performance and problematic governance in much of the world risk setting in motion a vicious circle: Adverse economic outcomes lead to populism at home and truculent nationalism abroad, which in turn exacerbate economic problems as protectionism increases, investment declines and consumer confidence falls off. Bad economics drives bad politics, leading to worse economics and worse politics.

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