The Global Economy in the 21st Century: Will the Trends of the 20th Century Continue?

Abstracts

EN

This paper compares three lists of basic ‘stylized facts’ of global economic growth and proposes a list of five ‘stylized trends’ that describe the main developments of the global economy in the 20th century. The author’s main purpose is to answer the question whether, in the light of the contemporary growth theory and demographic forecasts, these trends are likely to continue in the 21st century. Considering this theory, it is argued that the global economy rate of growth of the per capita gross domestic product (GDP) is likely to continue to be high in the first half of the current century, but decline significantly in the second half. This paper offers forecasts for the average growth rates during this century, and the levels by its end, of the per capita GDP for the technology frontier area (TFA) of the world, and for the countries outside the TFA. According to these forecasts, the strong divergence trend of the 19th and 20th centuries will be replaced by a strong convergence between the TFA and the other countries during the 21st century.

Keywords

EN

global economic trends; 20th and 21st centuries; convergence; divergence

• Publisher: Uniwersytet Warszawski. Wydział Nauk Ekonomicznych
• Journal: Central European Economic Journal
• Year: 2017
• Volume: 2
• Issue: 49

Dates

published

2018-03-21

Contributors

other

Stanisław Gomułka

• Polish Academy of Sciences, Warsaw
• London School of Economics

Identifiers

DOI

10.1515/ceej-2017-0011