Why are the rich world’s politicians giving up on economic growth?
Even when they say they want more prosperity, they act as if they don’t
The prospect of recession may loom over the global economy today, but the rich world’s difficulties over growth are graver still. The long-run rate of growth has dwindled alarmingly, contributing to problems including stagnant living standards and fulminating populists. Between 1980 and 2000, gdp per person grew at an annual rate of 2.25% on average. Since then the pace of growth has sunk to about 1.1%.
This article appeared in the Leaders section of the print edition under the headline “Sapped of vitality”
From the December 17th 2022 edition
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