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Taking economic growth forward, post-recession

Feb 27, 2012

Ascent after Decline, a World Bank publication, scrutinises ways to rebuild growth in a declining world economy post-recession period of 2009-11.

Ascent after Decline: Regrowing Global Economies after the Great Recession

Publisher: World Bank Publication, 2012

Pages: 325

Price: $39.95

The Great Recession of 2007-09 was not simply a severe business cycle slowdown or even a combined credit, housing, and asset market collapse. It left permanent scars, especially on advanced economies. In its wake, policy makers must navigate uncharted economic territory where "business as usual" no longer applies and deep structural changes mark the global economic landscape.

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Without a resurrection of strong economic growth in major economies, the likelihood of rapid economic development in poor developing countries is dampened. The nature of that ascent is the subject of this volume.

In Ascent after Decline, more than a dozen distinguished contributors scan the economic horizon, spell out the new fiscal reality, and highlight the policy choices on which economic regrowth will depend. If the Great Recession has taught one lesson, it is that when fundamental shifts occur, the outcomes will entail new elements that shape future directions and affect policy.

Fundamental questions about the daunting task of “regrowing growth” have now taken center stage for economists, politicians and policy makers alike:

Will international capital flows be encouraged or discouraged?

How open will export markets be, given the structural changes and their implications for employment?

How much reliance will there be on market solutions when governments—now overly indebted and wary of additional relief expenditures—are expected to deliver on the promise of economic growth?

How these pressing policy questions are answered will, in large measure, determine the future face of globalisation. Without a resurrection of strong economic growth in major economies, the likelihood of rapid economic development in poor developing countries is dampened. The nature of that ascent is the subject of this volume.

'Can emerging market countries continue to follow an export-led strategy? Can advanced economies achieve fiscal consolidation while maintaining growth? How can states avoid and treat the human scars from high and persistent unemployment? Can governments repair the holes in the social contract created by the crisis? These are some of the fundamental questions triggered by the crisis, and the questions taken up in this book. An important contribution to a much needed intellectual and policy reconstruction.'

Oliver Blanchard, Robert Solow Professor of Economics, Massachusetts Institute of Technology, and Economic Counsellor, International Monetary Fund

'A timely collection of essays by leading experts in the field, Ascent after Decline depicts the crucial role of smart government policies to recover growth in the world economy after the Great Recession.'

Edmar Bacha, Director of the Casa Das Garcas Institute for Economic Policy Studies, Rio de Janeiro, and Member, Commission on Growth and Development

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