The sluggish 2020s extend a multi-decade plateau in global growth
We’ve entered the fifth year of the 2020s, so it’s not too early to start thinking about decade-on-decade economic comparisons.
This chart uses data from the World Bank and International Monetary Fund to compile global GDP growth rates from 1960. The coloured stripes represent the mean growth rate for each decade.
Even as the post-Covid snapback led to the quickest growth since the 1970s, the lingering damage from the pandemic makes the 2020s the weakest decade on our chart.
Interestingly, the 1990s, a golden era for the American economy, were only slightly better than the 2020s on a global basis. This could reflect the depth of the contraction in post-Soviet and other post-Communist states. China, meanwhile, had already started to grow quickly, but from a much lower share of global wealth than it has today.