The Global Economy’s Groundhog Day
In the movie "Groundhog Day," a TV weatherman awakes every morning at 6:00 to relive the same day. A similar sense of déjà vu has pervaded economic forecasting since the global economic crisis erupted a half-decade ago, yet policymakers remain convinced that the growth model that prevailed prior to the crisis is still their best guide.
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NEW DELHI – In the movie “Groundhog Day,” a television weatherman, played by Bill Murray, awakes every morning at 6:00 to relive the same day. A similar sense of déjà vu has pervaded economic forecasting since the global economic crisis began a half-decade ago. Yet policymakers remain convinced that the economic-growth model that prevailed during the pre-crisis years is still their best guide, at least in the near future.