Finding Growth in a Fractured World
The Chinese economy’s current travails illustrate the growth challenges facing many other countries around the world. By re-engineering ineffective growth models and improving domestic economic management, developed and developing countries can avoid falling into the growth trap China now finds itself in.
CAMBRIDGE – For decades, China set a shining example of how to capitalize on globalization to accelerate domestic economic growth and development. These days, however, the country risks becoming a cautionary tale about mishandling globalization’s shift from a beneficial tailwind to a disruptive headwind.
Although the Chinese economy’s recent travails have some unique characteristics, they illustrate the growth challenges facing many developed and developing countries. They also show that while economic growth is not everything, you cannot solve much of anything without it.
This year was supposed to mark a robust economic recovery for China. Instead, many analysts have been forced in recent days to again revise down their projections for Chinese growth, and more are likely to follow suit. This increasingly pessimistic outlook can be attributed to three main factors.
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