The world economy in low gear


Michael Roberts Blog

Next week, all the leaders of the top G20 nations meet in Brisbane Australia. The OECD has issued its latest forecast for global economic growth for that meeting to consider (http://www.oecd.org/eco/outlook/economicoutlook.htm). It’s the usual mantra from the all the international agencies, namely that global growth is still “stuck in low gear” i.e. well below the trend growth before the Great Recession; BUT don’t worry, next year things are going to pick up.

low gear

As the OECD puts it in its report, the world economy “is expected to accelerate gradually if countries implement growth-supportive policies”. Note the caveat, IF the G20 leaders  adopt more ‘growth-supportive’ measures.

The OECD reckons that global real GDP growth will be just 3.3% this year, but will “accelerate” to 3.7% in 2015 and 3.9% in 2016. But even that will be “modest compared with the pre-crisis period and somewhat below the long-term average.”

This mild…

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