It’s often overlooked, the way in which decent economic growth is cumulative:
The first is
simply that seven years have elapsed and in this period the value of US
economic activity, as measured by gross domestic product, has grown by 41
per cent. Global economic activity, boosted by the spectacular growth of
China and other emerging economies and flattered by the declining value of
the dollar, has expanded by 60 per cent.
Europe might be growing by 1-2% a year, the US by 3-4 % and in a year, this makes little difference but keep adding those differences year on year and pretty soon a large gap opens up.
Also worth noting that something is being done about poverty, as that global growth number indicates. Wealth is being created, the first and necessary step to reducing poverty.
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