After all, global growth, at its current level, is inadequate for mere redistribution among countries to work. Overall global GDP needs to increase.

In its most recent WEO, the IMF forecasts global GDP to grow by only 3.3 in 2012, and by 3.6 in 2013. Moreover, the downgrading of growth prospects is remarkably widespread.

Global trade as a share of GDP may therefore decline, but without adverse consequences for global economic growth. Rising productivity does not require relentlessly increasing trade intensity.

From 2000 to 2014, global GDP more than doubled, from 31.8 trillion to over 75 trillion. Over the same period, China s nominal GDP soared from 1.2 trillion to more than 10 trillion growing at more than four times the global rate.

A Global Growth Bargain

The Global Growth Quest

Despite nerve wracking ups and downs, the last 50 years delivered an unprecedented global growth dividend. Measured according to GDP (admittedly a flawed metric), the world economy expanded sixfold.

Cheap Oil and Global Growth

Oil Prices and Global Growth

Grandmasters and Global Growth

Hard Truths About Global Growth

Persistent and emerging issues

Hans Rosling on global population growth

Inclusive Growth and Global Justice

And the GDP in Africa is not making much progress.

But the long term economic prospects of the global economy as a whole look gloomy. As societies in many OECD countries age, and catch up growth in large emerging economies begins to wind down, global GDP growth is expected to fall from its annual average of 3.6 in the 2010 2020 period to an estimated 2.4 in 2050 2060.

Over the past decade, China has accounted for an average of 1.6 percentage points of world GDP growth per year more than double the combined 0.7 percentage point contribution of the so called advanced economies. Even if its GDP growth slows to 6.8 this year, China would account for slightly more growth than is likely from the advanced world.

Transatlantic and transpacific trade negotiations are progressing slowly, held back by the resistance of special interests. But, though many experts fear that protectionism is undermining globalization, threatening to impede global economic growth, slower growth in global trade may be inevitable, and trade liberalization is decreasingly important.

11. Globalization facilitates more efficient worldwide allocation of resources, stimulates growth and increases welfare.

PRINCETON In April 2010, when the global economy was beginning to recover from the shock of the 2008 2009 financial crisis, the International Monetary Fund s World Economic Outlook predicted that global GDP growth would exceed 4 in 2010, with a steady annual growth rate of 4.5 maintained through 2015. But the forecast proved to be far too optimistic.

CAMBRIDGE One of the biggest economic surprises of 2015 is that the stunning drop in global oil prices did not deliver a bigger boost to global growth. Despite the collapse in prices, from over 115 per barrel in June 2014 to 45 at the end of November 2015, most macroeconomic models suggest that the impact on global growth has been less than expected perhaps 0.5 of global GDP.

By 2050, the economic shortfall will reach 3 . The accumulated loss of global output over the next 35 years will total 100 trillion more than one and a half times annual world GDP today.

Globalization has brought unprecedented economic growth.

Europe s extensive regional and global trade networks mean that its internal problems are impeding world trade and, in turn, global economic growth. In 2012, world trade expanded by only 2.5 , while global GDP grew at a disappointing 3.2 rate.

A back of the envelope calculation suffices to show that, unless the government is prepared to tolerate a further increase in the investment rate, achieving a GDP growth target of 7.5 implies a significant fall in the growth rate of investment. To compensate for the negative impact on GDP growth, and with export growth constrained by weak global demand, consumption must rise even more sharply, which is hard to imagine.

GDP growth of 4.6 per cent remained modest, particularly since it had not fed into job creation.

So you see, this is not about doing good, this is about global growth and global employment.

The low costs of finance facilitated global investment, thereby contributing to the acceleration of global growth in 2004.

III. The dual challenges of globalization and growth

But, although developing countries now account for more than half of global GDP growth, advanced countries have yet to admit them to leadership roles that reflect their growing influence in the world economy.

In the last two years, credit grew almost twice as fast as GDP, and total social financing grew even faster. Yet GDP growth slowed considerably from an annual average of 10.2 in 2002 2011 suggesting that China may be moving closer to a medium to low speed growth path.

For example, US real per capita GDP grew by a factor of 1.87 that is, nearly doubled in size from 1961 to 1986, but by a factor of only 1.58 from 1978 to 2003. Such differences in 25 year growth rates are important if US GDP grows by a factor of 1.87 over the next 25 years, annual GDP will be 3.6 trillion ( 10,000 per person) higher than if it grows by a factor of only 1.58.

Social life has deteriorated in spite of the global increase in wealth.

In economic terms, the world is entering an era of diminished expectations. If, as predicted, average annual GDP growth amounts to 3 in the foreseeable future, it will take 25 years for the world economy to double in size ten years longer than it took before the global economic crisis, when average GDP growth stood at 5 .

But, as fertility declines and populations age, the labor engine s contribution to growth will fall sharply, to little more than 0.3 percentage points of annual growth. Even if productivity continues to rise at the same rate, global GDP growth could slow to just over 2 annually, on average a 40 drop from the last 50 years.

China's 10 trillion economy is bigger than those of France, Germany, and Italy combined. Even if its annual output growth slows to 7 , the country will add some 700 billion to global GDP this year.

Even the reduced global forecast of 3.4 GDP growth for this year is likely to prove excessively optimistic. Before the crisis, world trade grew at 6 8 annually well faster than GDP.

Importantly, globalization has increased the opportunities for a shift towards environmentally sustainable economic growth, or green growth .

3. Emphasizes that economic growth should be further strengthened and sustained, noting that global economic growth depends on national economic growth and that implementation of sound macroeconomic policies could significantly contribute to a revitalization of economic growth

3. Emphasizes that economic growth should be further strengthened and sustained, noting that global economic growth depends on national economic growth and that the implementation of sound macroeconomic policies at all levels could significantly contribute to a revitalization of economic growth

Emphasizes that economic growth should be further strengthened and sustained, noting that global economic growth depends on national economic growth and that implementation of sound macroeconomic policies could significantly contribute to a revitalization of economic growth

A stimulus package of less than prudent fixed asset investment, adopted in response to the 2008 global financial crisis, sustained 9 GDP growth for two years. But, after 2011, stimulus turned to macroeconomic tightening, causing investment growth to plummet from a nominal rate of over 30 to about 10 recently.

The third milestone relates to the quality and inclusiveness of growth. While growth is essential for the future global economy, it must be a different kind of growth inclusive and not simply the fallout of unfettered globalization.

This year, GDP growth in the world s advanced economies is expected to average 2 , compared to 3.2 worldwide. And 2016 is shaping up to be no better, with output in the OECD growing by 2.5 , while the rest of the world s GDP expands at a 3.8 rate close to the pre crisis average.

While China s GDP has risen by about 70 , making it the largest contributor to global growth, this was aided substantially by debt fueled investment. And, indeed, as that stimulus wanes, the impact of inadequate advanced country demand on Chinese growth is becoming increasingly apparent.