Policy can help to minimise adjustment costs and maximise the benefits that arise from commodity booms, but like any treatment, it is more likely to be successful if the original diagnosis is correct. The global outlook The global economy is experiencing a broad-based deceleration from an already modest pace.
A new normal for the United States The U.S. recovery is following the same dreary path of other advanced economies that have experienced financial crises. GDP growth has averaged just 2.2 per cent since the trough in 2009. Indeed, it is only with justified comparisons to the Great Depression that the success of the U.S. policy response is apparent.