Are central banks looking at a broken speedometer?

By James Dowey, chief economist & CIO at Neptune

WHATEVER HAPPENED TO THE GOOD OLD DAYS OF CHUGGING ALONG AT 3 PER CENT A YEAR?

That was the average rate of real economic growth in the advanced world from the end of the Second World War until the late 2000s. Despite all of the recessions and social changes along the way, it proved a remarkably stable trend. But, by comparison, over the past decade we have come up short. Since 2007, advanced world real economic growth has instead averaged only 1.2 per cent a year. This is not just the effect of including the Great Recession in 2009 – between 2010 and 2015 growth still averaged only 1.8 per cent a year.

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