According to a new World Bank report, the global economy will likely slow because "nearly all the economic forces that powered progress and prosperity over the last three decades are fading."
Indermit Gill, the World Bank’s Chief Economist and Senior Vice President for Development Economics, described the period through 2030.
A lost decade could be in the making for the global economy.
The ongoing decline in potential growth has serious implications for the world’s ability to tackle the expanding array of challenges unique to our times—stubborn poverty, diverging incomes, and climate change. But this decline is reversible. The global economy’s speed limit can be raised—through policies that incentivize work, increase productivity, and accelerate investment.