 Let’s get serious about how rapidly the world is improving |
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Our extra-long weekend of good news just keeps chugging along.
Item 8
Only One Year of Below-Average Growth in a Decade-Long Strong Global Economic Expansion?
According to the International Monetary Fund’s most recent economic outlook,
world real GDP growth is projected to slow from 5% in 2007 to 3.75% percent
in 2008 and then to 2.2% in 2009 (see chart above), with the downturn led
by advanced economies.Looking forward, the IMF predicts that world real GDP will rebound to above-average
growth rates of 4.2% (2010), 4.8% (2011), 4.8% (2012) and 4.7% (2013). Growth
for the advanced economies is forecast to be above 2% by 2010, with even higher
growth of between 2.5% to 3% between 2011 and 2013.
The Good News
Dude, where’s my Great Depression?
Economic growth has definitely taken a performance nosedive for the big players,
but note that there is no talk of worldwide negative economic growth — only
a slow down in real growth which is not expected to last.
If that’s not quite rosy enough of an economic scenario for
you, try this one on for size:
2002-08:
60% Growth in World Per-Capita Real GDPThe 60% growth in world per-capita real GDP between 2002 and 2008 is probably
one of the greatest periods of economic growth in such a short period of time
in history, and is definitely part of the broader, more upbeat context of
this period in history.
Nice to see some economic news that isn’t all gloom and doom. You know, when
the current recession finally showed up, it seemed that we had been hearing
about "economic slowing" and "recession worries" for a number
of years leading up to it How interesting that all that hand-wringing took place
during one of the greatest periods of economic growth the world has ever seen.
Almost makes you want to think twice about all the hand-wringing that’s going
on right now, doesn’t it?
(Hat-tip to Michael Sargent. And many thanks to Mark Perry for sharing the
encouraging news.)
Live to see it!