Game Changers for Growth
New information and communications technologies were game changers that boosted the potential growth rate of the US economy in the 1990’s. New research suggests that shale energy and big-data analytics will be game changers with similar benefits for the US economy’s potential growth over the next several years.
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BERKELEY – The recent G-20 meeting of finance ministers in Saint Petersburg confirmed that the debate between growth and austerity is over – at least for now. With protracted recession in Europe and slowdowns in emerging markets, concern about budget deficits has given way to apprehension about growth. In July, the International Monetary Fund revised its global growth forecast downward for the second time this year.