Eva Srejber: Is there reason for confidence in the future of the economy? (Central Bank Articles and Speeches)

Since the Second World War, international growth has been higher than during previous centuries, while it has spread to a larger number of countries never before have so many had it so good. During the industrial revolution in the 19th century, the growth rate in leading countries like Britain amounted to an average of 1.5 per cent a year. Since the middle of the 20th century, many countries have managed to achieve growth rates of between 5 and 8 per cent a year. These unparalleled successes of course have several explanations, some of the most important being extensive liberalisation of trade and capital flows, major technological advances and changes in economic policy. Assuming that the trend towards increased global integration continues, there is every reason to expect continuing substantial increases in economic wealth.