If the evolution of the Digital Age isn't the magic boost productivity needs, the developed world's economic stagnation might be indefinite. KPMG explores what can be done in its latest report The global economy – is this as good as it gets?
In 2016, all three international economic agencies – the International Monetary Fund (IMF), the World Bank and the Organisation for Economic Co-operation and Development (OECD) – have revised down their global growth forecasts. This has been a pattern since the Great Recession of 2009. By historical standards, the recovery in developed countries has been feeble, and remains fragile 6 years after the recession's end.
What if this is as good as it gets? Serious economists are now asking this of the world’s developed economies.
This KPMG paper delves into the major historical developments that have steered the economy into such poor shape – with the Global Financial Crisis (GFC) just one of many key events. It defines what government and business need to do to turn it around, to restore economic growth, create well-paid jobs and assist social harmony in both developed and developing nations.