The result is slower population growth.

Restoring sustained growth requires real currency depreciation.

Inequality leads to lower growth and less efficiency.

Lower growth is the best guess for the medium term.

High salaries drove growth but reduced earnings.

Economic growth slowed in 1998, with decline in the mining, construction, and utility sectors.

So the big question is why growth hasn t translated into poverty reduction.

Newspapers report downward revisions in growth estimates for all the major developed countries the United States, Germany, France, Japan.

The outlook for 2005 is for a slowdown in economic growth as commodity prices decline but for a slight increase in inflation.

The low costs of finance facilitated global investment, thereby contributing to the acceleration of global growth in 2004.

While economic growth benefited from the dramatic growth in oil and gas prices during the last decade, other competitive industries have yet to emerge, and the country now faces the prospect of declining energy prices.

Generally, the population of Bosnia and Herzegovina is ageing rapidly, due to the fall of demographic growth, longer life expectancy and the emigration of youth.

Cutting growth rates by 40 70 is surely a recipe for stagnant societies with insufficient growth to satisfy private wants and public needs.

Judging by low stock prices and high capital outflows, investors were already betting against high growth rates.

In 1999, The Economist labeled Germany the sick man of the euro a monument of European sclerosis, with low growth and high unemployment.

And, as many have argued, the correlation itself could be the result of low growth leading to high indebtedness, rather than the other way around.

When Chinese growth eventually becomes less dependent on investment, growth rates in steel consumption can be expected to fall sharply.

America s economy was blessed in the 1990s with low energy prices, a high pace of innovation, and a China increasingly offering high quality goods at decreasing prices, all of which combined to produce low inflation and rapid growth.

Slower population growth and a demographically driven decline in the labor force participation rate will reduce employment growth.

The drag on growth is more likely to come from the eventual need for the government to raise taxes, as well as from lower investment spending.

But if is where the second, less rosy view of the world comes in a view that worries about both lower growth and higher inflation.

In general, growth was broadly based, supported by robust export growth and higher commodity prices as well as strong domestic demand driven by low interest rates.

Given modest inflationary pressures, long term real interest rates rose but nevertheless remained close to historical lows.

But, while risk aversion and volatility were falling and asset prices were rising, economic growth remained sluggish throughout the world.

Little wonder, then, that many knowledgeable analysts reasonably expect post crisis growth in advanced countries to be lower, perhaps by 0.5 to 1 .

But, as Chinese growth has decelerated owing partly to decreased exports to Europe the German GDP forecast has been halved.

But if growth were higher and unemployment were falling, such scandals would not be treated as such a drama.

In reality, there has been a marked decline in child development since 1995, with a disquieting rise in infant mortality, stunting and malnutrition.

That notion has now been turned on its head as economic growth has stalled, falling import demand from trade partners has caused economic woes to spread and deepen.

This is bad news for everyone, because it translates into lower economic growth amounting to as much as 27 of per capita GDP in some countries.

The hydrocarbons sector secures Russian growth, undermines the power of Arab producers and OPEC, and thus promises a decrease in oil prices.

Savvy investors, like frustrated voters, recognize that low growth and high unemployment actually enlarge deficits and add to debt in the short run.

In any case, protecting exports by resisting euro appreciation or, more precisely, dollar depreciation is a poor way to promote economic growth.

Paradoxically, cross country measures of income and wealth inequality are actually falling, thanks to continuing robust growth in emerging markets.

This reflects the fact that despite a considerable reduction of tariffs and quotas the growth of exports from developing to developed countries has been limited.

Moreover, the trend over time to a higher service sector share in the economy suggests that higher real growth in services has not been offset by price declines.

The poor are caught in a complex poverty trap in which low income leads to low consumption, which in turn results in low capacity and low productivity.

They estimate that a slowdown of one percentage point in China s annual growth rate would reduce low income countries growth rates by 0.3 percentage points almost a third as much.

Since the base rate of economic growth (before calculating the climate change effect) was taken to be 1.3 per year, a loss of 20 in the year 2200 amounts to reducing the annual growth rate to 1.2 .

Because most people s incomes are stagnant and being eroded as their mortgage payments rise, consumption is bound to fall, yielding lower growth and employment.

Gemena

Excess capacity and falling growth are mutually reinforcing. Not only does excess capacity have a negative impact on growth perhaps more important, sharply declining growth also contributes to massive redundancy in some industries (especially resources and the heavy and chemical industries).

China accelerated to a high growth pattern in the late 1970 s and early 1980 s, owing to the benefits of its low cost labor and a major change in economic policy.

A 20 dollar depreciation would therefore reduce Americans purchasing power by only 3 .

The good news for 2016 is that most macroeconomic models suggest that the impact of lower oil prices on growth tends to stretch out for a couple years. Thus, low prices should continue to support growth, even if emerging market importers continue to use the savings to cut subsidies.