Better All The Time Thanksgiving Dispatch #8
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Our extra-long weekend of good news just keeps chugging along.
Item 8
Only One Year of Below-Average Growth in a Decade-Long Strong Global Economic Expansion?
According to the International Monetary Fund's most recent economic outlook, world real GDP growth is projected to slow from 5% in 2007 to 3.75% percent in 2008 and then to 2.2% in 2009 (see chart above), with the downturn led by advanced economies.
Looking forward, the IMF predicts that world real GDP will rebound to above-average growth rates of 4.2% (2010), 4.8% (2011), 4.8% (2012) and 4.7% (2013). Growth for the advanced economies is forecast to be above 2% by 2010, with even higher growth of between 2.5% to 3% between 2011 and 2013.
The Good News
Dude, where's my Great Depression?
Economic growth has definitely taken a performance nosedive for the big players, but note that there is no talk of worldwide negative economic growth -- only a slow down in real growth which is not expected to last.
If that's not quite rosy enough of an economic scenario for you, try this one on for size:
2002-08: 60% Growth in World Per-Capita Real GDP
The 60% growth in world per-capita real GDP between 2002 and 2008 is probably one of the greatest periods of economic growth in such a short period of time in history, and is definitely part of the broader, more upbeat context of this period in history.
Nice to see some economic news that isn't all gloom and doom. You know, when the current recession finally showed up, it seemed that we had been hearing about "economic slowing" and "recession worries" for a number of years leading up to it How interesting that all that hand-wringing took place during one of the greatest periods of economic growth the world has ever seen.
Almost makes you want to think twice about all the hand-wringing that's going on right now, doesn't it?
(Hat-tip to Michael Sargent. And many thanks to Mark Perry for sharing the encouraging news.)
Live to see it!
