For the next 30 years, real interest rates and inflation will rise and growth will fall, but productivity will be higher and inequality will decrease. On a nearer horizon, the biggest challenge is debt. Debt has so far not been a big problem for growth, but the potential for a more serious challenge is evident. In this informative presentation Manoj Pradhan, Senior Economist at Morgan Stanley, discusses both of these issues and the implications for the threat of secular stagnation.