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Achieving Escape Velocity

NEWPORT BEACH – It is not often that one can confidently claim that a single remedy could make billions of people around the world significantly better off; do so in a durable and mutually supportive manner; and thus improve the well-being of both current and future generations. Yet that is the case today.

The remedy I have in mind, of course, is faster economic growth – the one thing that can raise living standards, reduce excessive inequalities, improve job prospects, alleviate trade tensions, and even moderate geopolitical pressures. And most forecasters – including the International Monetary Fund and the World Bank – are now predicting that global growth will pick up in 2014, and that it will be more balanced among the world’s major economic regions.