Advanced economies face slowdown and stubborn inflation


Growth in the world economy seems to be decelerating. In our last pre-Covid forecast we expected the world economy to grow 37.4% over this decade. It now seems that we will lose some $4.3 trillion of global output by 2030, compared with our expectations when the decade started.

This has two direct consequences. It becomes harder to think in terms of rapid universal increases in standards of living for the advanced economies. And increasingly it seems that the fate of the world economy, at least

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