Can we return to rapid growth?
No 9, Policy Research Working Paper Series from The World Bank
The projections for economic growth in the industrial countries during 1985-95 have been revised steadily downward - to a pessimistic 2.5 percent a year. The crucial element in achieving high growth rates is a rising rate of investment, itself a reflection of confidence in the economy. The conditions that stimulate higher investment can result from sharp changes in economic policy. Chances that the former will occur, while slim, depend on putting in place policies that favor a surge in investment led growth. Maintaining low inflation rates and strong demand are equally important. Despite the existence of many of these conditions for some time, growth has slowed even further. Expansionary government policies may be a more plausible route, although the pace is crucial. One possible solution is to strive for international policymaking and to regain some degree of exchange rate stability. This kind of international coordination could be the impulse for rapid growth, as it was after the Second World War.
Keywords: Environmental Economics&Policies; Achieving Shared Growth; Economic Growth; Health Monitoring&Evaluation; Economic Theory&Research (search for similar items in EconPapers)
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