Falling Long-Term Growth Prospects [Paperback]

A structural growth slowdown is under way across the world: at current trends, the global rate of potential growth is expected to fall to a three-decade low over the remainder of the 2020s. Nearly all the forces that have powered growth and prosperity since the early 1990s have weakened. In addition, a series of shocks has affected the global economy over the past three years. A persistent and broad-based decline in long-term growth prospects imperils the ability of emerging market and developing economies to combat poverty, tackle climate change, and meet other key development objectives. The challenges presented by this potential inability call for an ambitious policy response at the national and global levels. This book presents the first detailed analysis of the growth slowdown and a rich menu of policy options to deliver better growth outcomes.-------------------------------------------------------------------------------------------------------------This book presents a sobering analysis of the secular growth slowdown based on the most comprehensive database of potential growth estimates available to date. With nearly all the forces that have driven growth and prosperity in recent decades now weakened, the book argues that aprolonged period of weakness is under way, with serious implications for emerging market and developing economies. The authors call for bold policy actions at both the national and global levels to lift growth prospects. The book is essential reading for policy makers, economists, and anyone concerned about the future of the global economy.Beatrice Weder di MauroProfessor of International Economics, Geneva Graduate Institute,and President of the Centre for Economic Policy Research (CEPR)Economic policy making is becoming increasingly complicated in the 2020s. In addition to tackling traditional trade-offs in aggregate demand management and improving efficiency on the supply side, policy makers need to address new priorities and challenges, lsë