Global Agenda Council on New Growth Models 2012-2014
Adapting growth models to achieve widely shared economic and social goals is of great concern and interest to a wide range of audiences: leaders in politics and policy, business, academia and civil society, and interested engaged citizens, across a full spectrum of countries, with diverse circumstances. The International Monetary Fund recently downgraded the global growth forecast for 2013. According to revised forecasts, economic output will expand by 3.6% in 2013, down from July estimates of 3.9%. Yet, important elements of growth in both developed and developing economies have come to be reasonably well understood as a result of experience and analysis. Among them, macroeconomic stability, a functioning market system with entry and exit mechanisms, incentive structures, sufficiently defined property rights to support private investment, integration in the global economy, high levels of public and private investment and economic diversification.