Unfortunately, the fiscal stimulus was not well enough designed to get the economy onto a strong, self sustaining growth path.

Changing China s Growth Path

If they continue their current strong growth trajectories, as seems likely, they will approach advanced country levels of income by mid century or shortly thereafter.

For much of the world, China s ability to shrug off the global financial crisis and maintain a strong growth trajectory in 2010 and 2011 seems too easy.

Led by strong Chinese growth, emerging markets stabilized.

The strong growth of the global economy in 2003 and 2004 was both reflected in and driven by strong growth in world trade.

We all expect that the euro, which proved to be such an asset during the crisis, will be just as effective in getting our economies back on the path to vigorous, sustainable growth.

Such a growth path is simply not sustainable.

This may be necessary to restore robust growth, but it is not sufficient.

Isn t this a version of exactly what derailed Japanese growth?

Lack of robust credit growth will hamper private consumption and investment spending.

The rapidly growing developing countries cannot simply follow the economic growth path that today s rich countries traveled.

In other words, rather than shifting from investment led to consumer led growth, China appears to be continuing along its investment led growth track.

Fixing these problems would help us to return to a path of growth and prosperity for all.

No doubt, Turkey s ability to continue on a rapid growth trajectory remains uncertain.

Recent growth has been stimulated by strong activity in the construction sector and an improvement in tourism.

So, too, the renminbi s stability has helped the region maintain strong growth, from which the world as a whole benefits.

Resumption of robust world economic growth is the basis for delaying the implementation of the Basel III bank rules.

Thus, India s high growth rates will have to remain dependent on strong domestic demand.

A failure of either Europe or the US to return to robust growth would be bad for the global economy.

But that will not happen unless the world s resource supplies and environmental underpinnings collapse. So the baseline is high emerging market growth, the key to which is innovation and adjustment of the growth path.

India had a couple of years of strong growth recently (11.2 in 2010 and 7.7 in 2011) but slowed to 4 in 2012.

(India will take on this problem in about a decade, as it continues on its rapid growth path.)

Beyond 2013, growth must depend on either the elixir of structural reforms, or a strong revival of the global economy.

As a result, there are now major questions about the sustenance of China's long powerful export led growth model.

This makes it hard for Europe to enjoy an extended period of high growth without inflation.

They know that relatively calm markets do not mean that strong economic growth is around the corner.

After all, a currency can appreciate while an economy is sluggish, or depreciate despite robust growth.

In sum, because India s existing economic institutions could not cope with strong growth, its political checks and balances started kicking in to prevent further damage, and growth slowed.

Call me a growth optimist , but Europe looks poised for another good growth year in 2007.

Besides being at odds with reality, the claim of strong growth actually encourages the trade unions to ask for even higher wages.

Call me a growth optimist , but Europe looks poised for another good growth year in 2007.

In short, the stimulus will strengthen America s economy, but it is probably not enough to restore robust growth.

In short, strong growth tests economic institutions capacity to cope, and India s were found lacking.

Unless they are defused in time, financial shocks may derail the economy from its normal growth path.

In this case, it is entirely possible to have very low interest rates co exist with strong growth.

Booms have similar characteristics strong growth in banks balance sheets and credit, and therefore a rise in leverage.

China also needs to shift from its highly extensive (resource consuming) growth strategy to a more intensive development path.

Most should be able to grow strongly, despite the challenging global environment.

With a low growth ceiling, strong economic performance generates inflationary pressures at a relatively early stage in the growth process.

If we seize the moment, we can navigate our way out of this crisis and restore strong, sustainable, and balanced global growth.

Strong economic growth and expansive monetary policies further boosted the trend, as did protectionist measures, such as export restrictions.

Second, we need a clear message from the G 20 that all of its members are delivering policies for strong, sustainable, and balanced growth.

The long running economic miracles of South Korea and Hong Kong ended, as did surging growth in Indonesia and Thailand.

In short, the stimulus will strengthen America s economy, but it is probably not enough to restore robust growth. This is bad news for the rest of the world, too, for a strong global recovery requires a strong American economy.