Financial and Monetary Systems

The world economy is moving sideways, says the IMF

A street sign for Wall Street hangs in front of the New York Stock Exchange May 8, 2013. Stocks pushed further into record territory on Wednesday, driving the S&P 500 to an all-time high close for a fifth day, helped by strength in financials and technology.

Compared to the 1998–2007 averages, long-term potential growth is now projected to be lower in all regions. Image: REUTERS/Lucas Jackson

Maurice Obstfeld
Professor of Economics , University of California, Berkeley
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