WASHINGTON: Average potential global economic growth will slump to a three-decade low of 2.2 per cent per year through 2030, ushering in a 'lost decade' for the world's economy, unless policymakers adopt ambitious initiatives to boost labour supply, productivity and investment, the World Bank warned on Monday (Mar 2
WASHINGTON: Average potential global economic growth will slump to a three-decade low of 2.2 per cent per year through 2030, ushering in a"lost decade" for the world's economy, unless policymakers adopt ambitious initiatives to boost labour supply, productivity and investment, the World Bank warned on Monday .
"A lost decade could be in the making for the global economy," said World Bank chief economist Indermit Gill, adding that policies which incentivised work, increased productivity, and accelerated investment could reverse the trend. As a result, average potential growth in GDP was seen dropping to 2.2 per cent from 2022 to 2030, down from 2.6 per cent in 2011 to 21, and nearly a third lower than the 3.5 per cent rate seen from 2000 to 2010.
It said productivity was likely to grow at its slowest clip since 2000, investment growth in 2022 to 2024 would be half the rate seen in the last 20 years and international trade was growing at a much slower rate.
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