Shouting at windmills


Michael Roberts Blog

As I forecast in the previous post
(http://thenextrecession.wordpress.com/2014/07/08/slowing-global-growth-and-the-capitalist-future/),
the International Monetary Fund (IMF) has lowered its 2014 forecast for global economic growth.  The IMF now says world real GDP will rise only 3.4% this year, 0.3% points below what it predicted in April. But, of course, as it has done in very report, it reckoned growth would speed up to 4%.  It’s always jam tomorrow.

This rate of real GDP growth of 3-4% a year for the world economy is well below the average growth rate before the Great Recession, confirming the view that the major capitalist economies remain in what I call a Long Depression.  The IMF moaned that “robust demand momentum has not yet emerged despite continued very low interest rates and easing of brakes to the recovery, including from fiscal consolidation or tight financial conditions”.

This slow growth is no longer confined to the major…

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