Ascent After Decline : Challenges of Growth

This note examines one of the most fundamental questions to emerge from the Great Recession of 2007-9: how to regrow global economic growth going forward? Although all are painfully aware that it may be 2013 or 2014 before the global economy return...

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Bibliographic Details
Main Authors:	Canuto, Otaviano, Leipziger, Danny M.
Format:	Brief
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ADVANCED COUNTRIES ADVANCED ECONOMIES AGGREGATE DEMAND ANTI-INFLATION POLICIES ASSET PRICES BAILOUT BAILOUT COSTS BALANCE SHEETS BANK CREDIT BANK DEBT BANK GOVERNORS BANKS BARRIERS TO ENTRY BUSINESS CYCLE CAPITAL ACCUMULATION CAPITAL ADEQUACY CAPITAL FLOWS CAPITAL SHORTAGE CAPITAL SURPLUS CENTRAL BANK CENTRAL BANK POLICY COLLATERAL COMMUNICATION TECHNOLOGY COMPETITION POLICIES COMPETITIVE EXCHANGE COMPETITIVE EXCHANGE RATE CONSOLIDATION CONSUMER DURABLES CREDIT GROWTH CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT IMBALANCES CURRENT ACCOUNT SURPLUSES DEBT LEVELS DEBT RESTRUCTURING DEBT SERVICE DEPRESSION DEREGULATION DEVALUATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPING ECONOMIES DEVELOPING WORLD DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DEVELOPMENT REPORT DOMESTIC DEBT DOMESTIC DEMAND DOMESTIC REAL INTEREST RATES ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC DOWNTURN ECONOMIC ENVIRONMENT ECONOMIC GROWTH ECONOMIC IMPACT ECONOMIC POWERS ECONOMIES OF SCALE EMERGENCY FINANCING EMERGING ECONOMIES EMERGING MARKETS EMERGING-MARKET EMPIRICAL STUDIES EMPLOYMENT EUROPEAN CENTRAL BANK EXCESS CAPACITY EXCHANGE RATE EXPORT MARKETS EXPORT PERFORMANCE EXPOSURE EXTERNALITIES FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL REGULATION FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL SHOCKS FINANCIAL SYSTEM FISCAL CONSOLIDATION FISCAL IMBALANCES FISCAL POLICY FOREIGN RESERVES GLOBAL DEMAND GLOBAL ECONOMIC PROSPECTS GLOBAL ECONOMIES GLOBAL ECONOMY GLOBAL IMBALANCES GLOBAL MARKETS GLOBALIZATION GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT POLICY GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT GROWTH PERFORMANCE GROWTH POLICIES GROWTH PROSPECTS GROWTH RATES HARMONIZATION HIGH GROWTH HOLDING HOUSING HUMAN CAPITAL IMPORT IMPORTS INCOME INCOME INEQUALITY INDEBTEDNESS INDIVIDUAL COUNTRIES INDUSTRIAL POLICY INFLATION INFORMATION TECHNOLOGY INFRASTRUCTURE PROJECTS INTEREST RATES INTERNATIONAL BUSINESS INTERNATIONAL FINANCIAL ARCHITECTURE INVENTORIES INVESTMENT MANAGEMENT JOB CREATION LABOR COSTS LABOR MARKETS LACK OF CONFIDENCE LEVERAGE LIBERALIZATION LIBERALIZATION OF TRADE LIQUIDITY LONG RUN LONG-RUN GROWTH LONG-TERM GROWTH MACROECONOMIC POLICY MACROECONOMIC STABILIZATION MARKET ECONOMIES MEDIUM TERM MONETARY FUND MONETARY POLICIES MONETARY POLICY MONETARY POLICY DECISIONS MORAL HAZARD NATURAL RESOURCES NEW PRODUCT OPEN MARKETS OUTPUT OUTPUT GAPS OUTPUT GROWTH POLICY CHANGE POLICY MAKERS POLICY OPTIONS POLICY RESPONSES POLITICAL ECONOMY POVERTY REDUCTION PRODUCTIVITY PROTECTIONIST MEASURES PRUDENTIAL REGULATIONS PUBLIC DEBT PUBLIC EXPENDITURES PUBLIC FINANCES PUBLIC INFRASTRUCTURE REAL EFFECTIVE EXCHANGE RATES REAL ESTATE REAL INTEREST RECESSION REGULATORY REFORM RESERVE RESOURCE MOBILIZATION RETURN RETURNS RISK CAPITAL SLACK SOLVENCY SOVEREIGN DEBT SOVEREIGN DEBT PROBLEM STEADY STATE SURPLUS SURPLUS COUNTRIES SWAP TECHNOLOGICAL INNOVATION TRADE DEFICITS TRADE OPENNESS TRADING TRADING SYSTEM UNCERTAINTY VOLATILITY WARRANTS
Online Access:	http://documents.worldbank.org/curated/en/2012/02/15879732/ascent-after-decline-challenges-growth http://hdl.handle.net/10986/10055

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Summary:	This note examines one of the most fundamental questions to emerge from the Great Recession of 2007-9: how to regrow global economic growth going forward? Although all are painfully aware that it may be 2013 or 2014 before the global economy returns to normalcy, no one is sanguine about medium- to long-term growth prospects. For this reason, the challenging task of 'regrowing growth' will take center stage for politicians and policy makers alike. One point is clear: without a resurrection of strong economic growth in major economies, the likelihood of rapid economic development in poor developing countries is diminished. How various elements will affect growth prospects is less clear, but vitally important. In the terminology of Hausmann and Rodrik (2003), this is a process of discovery and we are in somewhat uncharted territory.

Ascent After Decline : Challenges of Growth

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