Welcome to the Growth Blog

The Growth Blog is a forum for you - the policy maker, the academic, the student, and the interested citizen of the world - to agree, disagree, or simply to engage current practitioners on policies and issues critical to development. This platform was inspired by the series of meetings that the Commission on Growth and Development held around the world over the course of the last two years. Of the many lessons that emerged in the deliberations, the one that stands out is that inclusive growth requires inclusive thinking, and inclusive discussion.

 

Homi Kharas's blog

The Great Stability is over. What About Low Income Convergence?

Submitted by Homi Kharas on Mon, 02/16/2009 - 12:43.

Not so long ago, it was fashionable to think that the business cycle had been virtually abolished.  Economists came to call this “the great stability” and for a decade or more, it looked as if realized growth outcomes could be taken as good proxies for long-term structural growth trends.  The excitement for development economists was that this time many developing countries were growing significantly faster than rich countries.  It seemed that the secrets of global convergence—which is what the Growth Report tries to tease out—had been discovered by a very large number of countries, including many African countries.

 

Syndicate content