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Ascent After Decline: Challenges of Growth


  • Canuto, Otaviano

    () (World Bank)

  • Leipziger, Danny


This note examines one of the most fundamental questions to emerge from the Great Recession of 2007–9: how to regrow global economic growth going forward? Although all are painfully aware that it may be 2013 or 2014 before the global economy returns to normalcy, no one is sanguine about medium- to long-term growth prospects. For this reason, the challenging task of “regrowing growth” will take center stage for politicians and policy makers alike. One point is clear: without a resurrection of strong economic growth in major economies, the likelihood of rapid economic development in poor developing countries is diminished.1 How various elements will affect growth prospects is less clear, but vitally important. In the terminology of Hausmann and Rodrik (2003), this is a process of discovery and we are in somewhat uncharted territory.

Suggested Citation

  • Canuto, Otaviano & Leipziger, Danny, 2012. "Ascent After Decline: Challenges of Growth," World Bank - Economic Premise, The World Bank, issue 75, pages 1-6, February.
  • Handle: RePEc:wbk:prmecp:ep75

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    References listed on IDEAS

    1. Danny Leipziger & William O’Boyle, 2009. "The New Economic Powers (NEPs)," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 10(3), pages 43-80, July.
    2. Canuto, Otaviano, 2010. "Toward a Switchover of Locomotives in the Global Economy," World Bank - Economic Premise, The World Bank, issue 33, pages 1-6, September.
    3. Otaviano Canuto & Danny M. Leipziger, 2012. "Ascent after Decline : Regrowing Global Economies after the Great Recession," World Bank Publications, The World Bank, number 2233, June.
    4. Hausmann, Ricardo & Rodrik, Dani, 2003. "Economic development as self-discovery," Journal of Development Economics, Elsevier, vol. 72(2), pages 603-633, December.
    5. Brahmbhatt, Milan & Canuto, Otaviano & Ghosh, Swati, 2010. "Currency Wars Yesterday and Today," World Bank - Economic Premise, The World Bank, issue 43, pages 1-6, December.
    6. Otaviano Canuto & Marcelo Giugale, 2010. "The Day After Tomorrow : A Handbook on the Future of Economic Policy in the Developing World," World Bank Publications, The World Bank, number 2507, June.
    7. repec:wbk:wbpubs:12097 is not listed on IDEAS
    8. William Dudley, 2010. "The outlook, policy choices and our mandate," Speech 30, Federal Reserve Bank of New York.
    9. repec:pri:cepsud:119blinder is not listed on IDEAS
    10. Alan S. Blinder, 2005. "Fear of Offshoring," Working Papers 83, Princeton University, Department of Economics, Center for Economic Policy Studies..
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