Posterity will regard the economic performance we are now witnessing as a golden age. It will also know, although we do not, how long this era lasts. That will depend on decisions now taken. Such a period offers opportunities. Posterity will blame those who fail to seize them. Even the International Monetary Fund was remarkably optimistic about the robustness of underlying growth in its latest World Economic Outlook. Should such optimism make one feel more confident about the future? Probably not. Nevertheless, the IMF’s case is at least plausible: the world economy is enjoying a remarkable period of broadly shared growth. Indeed, measured at purchasing power, the world is in a period of economic expansion unmatched since the early 1970s (see chart). Most important of all, every region of the world economy is now doing well. The remainder of Martin Wolf’s column can be read here (FT.com subscribers only). Discussion from our guest economists is free.
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