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Marcelo M. Giugale is Senior Director of the World Bank Group’s Global Practice for Macroeconomics and Fiscal Management.
Oct 6, 2014 warns that poor countries' recent access to bond markets heralds the return of well-known risks.
The Trump administration's unilateral approach to trade and foreign adversaries like Iran is reminiscent of the Reagan administration's strategy against the Soviet Union. Both game theory and the historical record show that aggressive "non-cooperation" can be effective, but only if it is used carefully.
Whether or not the 2010s were a "lost decade," one thing is clear: many countries fell short of their potential, possibly squandering their last best shot of registering strong GDP growth. In the decade ahead, demographic realities will catch up to China and the West, and the world will need a productivity miracle to offset the effects.
