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The global economy has more than doubled in size since 2000 with a peak in 2014 followed by a 5.7% drop and then a slow rise. The existing paradigm of global development is no longer effective, experts say. The growth potential is running out and is not benefiting the wider population or addressing poverty issues. The world economy is at the crossroads: will it embrace a new humanitarian dimension (the so-called inclusive growth) or focus on maintaining stability slipping into stagnation?
“We are stuck in a protracted period of low growth: 2016 marks the fifth consecutive year with global GDP growth below its long-term average. Too many people feel left behind, questioning whether the economy is working for them. In some of the advanced economies in particular, a populist sentiment is growing that threatens to shift the needle against economic openness”, said IMF chief Christine Lagarde at the conference on inclusive capitalism held in New York in October 2016. This point of view was shared by other international experts.
Early 2017 was approached with cautious optimism.
The sustainability of this growth, however, causes concern due to a number of risks.
Key issue: economic development as an increase in the national wealth indicators does not translate into mass prosperity.
The concept of inclusive sustainable growth may be seen as an alternative to this approach. The best-known strategies in this regard is the Harmonious Society in China and Europe 2020, the European Union's ten-year strategic programme.
In early 2017, the World Economic Forum (WEF) ranked countries according to their level of inclusive (fair) economic development.