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Global growth is now being stuck in a “mediocre” plateau, but no one seems to bother.
World growth risks getting trapped in the 2%-3% range it’s been in since 2010. The International Monetary Fund managing director Christine Lagarde has derided the level as “the new mediocre” compared with the 3.6% average in the five years leading to the 2008-09 global recession.
Here is the prevailing situation.
The US Federal Reserve looks set to refrain from raising interest rates again at its meeting today; China is obsessed with grabbing a greater share of world markets (its global export share climbed from 12.9% in...