Note: There is a clear path out of this mess…
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World Bank Warns Of ‘Lost Economic Decade’ As Turmoil Spreads
ZeroHedge, Mar 29, 2023 – Excerpt:
“A lost decade could be in the making for the global economy,” Indermit Gill, the World Bank’s Chief Economist and Senior Vice President for Development Economics, warned in a new report.
The report “Falling Long-Term Growth Prospects: Trends, Expectations, and Policies” reveals new forecasts that show global long-term potential output in growth rates are expected to slide:
Nearly all the economic forces that powered progress and prosperity over the last three decades are fading. As a result, between 2022 and 2030, average global potential GDP growth is expected to decline by roughly a third from the rate that prevailed in the first decade of this century—to 2.2% a year.
For developing economies, the decline will be equally steep: from 6% a year between 2000 and 2010 to 4% a year over the remainder of this decade. These declines would be much steeper in the event of a global financial crisis or a recession.
World Bank’s chief economist continued: “The ongoing decline in potential growth has serious implications for the world’s ability to tackle the expanding array of challenges unique to our times—stubborn poverty, diverging incomes, and climate change.”
However, he said: “But this decline is reversible. The global economy’s speed limit can be raised—through policies that incentivize work, increase productivity, and accelerate investment.”
Ayhan Kose, director of the World Bank’s forecasting group, said the fracturing of the global economy implies “the golden era of development appears to be coming to an end.”
Earlier this year, the World Bank cautioned global central banks to stay alert to the economic risks related to aggressive monetary policy tightening aimed at combating inflation, as these risks may have widespread consequences. Just weeks ago, the emergence of a regional bank crisis in the US and problems with Credit Suisse in Europe demonstrated the validity of these concerns.
Besides a banking crisis, central bankers are also facing their nemesis… Stagflation…
While the global economy appears to be on a crash course with a ‘hard landing,’ no thanks to reckless central banks, the World Bank said, “It will take a herculean collective policy effort to restore growth in the next decade to the average of the previous one.”
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The Leviticus 25 Plan.
Again, from the World Bank: “But this decline is reversible. The global economy’s speed limit can be raised—through policies that incentivize work, increase productivity, and accelerate investment.”
There is currently one U.S. economic acceleration plan up and ready to launch, that will accomplish these crucial policy initiatives.
The Leviticus 25 Plan will: 1) incentivize work; 2) increase productivity; 3) accelerate investment; and 4) stabilize the banking system – reversing the damaging effects of ‘duration risk’ and bringing distressed loans to ‘current status’; 5) rejuvenate long-term economic growth and insulate the economy from random economic shocks; 6) generate $619.5 billion federal budget surpluses for the coming 5 years; 7) restore economic liberty.
The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens. It is a comprehensive plan with long-term economic and social benefits for citizens and government.
The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.
The Leviticus 25 Plan – An Economic Acceleration Plan for America
$90,000 per U.S. citizen – Leviticus 25 Plan 2023 (5963 downloads)