The Future of Economic Growth
Greater convergence in the post-crisis global economy – a narrowing of the income gap between rich and poor countries – appears inevitable. But a large reversal in these countries' fortunes seems neither economically likely, nor politically feasible.
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CAMBRIDGE – Perhaps for the first time in modern history, the future of the global economy lies in the hands of poor countries. The United States and Europe struggle on as wounded giants, casualties of their financial excesses and political paralysis. They seem condemned by their heavy debt burdens to years of stagnation or slow growth, widening inequality, and possible social strife.