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World Must Prioritize Productivity Reforms to Revive Medium-Term Growth
The world economy faces a sobering reality. The global growth rate—stripped of cyclical ups and downs—has slowed steadily since the 2008-09 global financial crisis. Without policy intervention and leveraging emerging technologies, the stronger growth rates of the past are unlikely to return. Faced with several headwinds, future growth prospects have also soured. Global growth will slow to just above 3 percent by 2029, according to five-year ahead projections in our latest World Economic Outlook. Our analysis shows that growth could drop by about a percentage point below the pre-pandemic (2000-19) average by the ... (full story)