I spent a very interesting couple of days at the OECD Forum this week, during which its latest Economic Outlook was published. Like many others, the OECD has concluded that the world economy is set for a period of low growth. The usual post-recession boom hasn’t happened. Economies have returned to growth but at rates that are nowhere near enough to compensate for the losses they suffered after the crash.
The OECD’s projections for the major economies are dire. It doesn’t expect any of the G7 to manage 2 percent growth this year. It’s a little more optimistic about next year but not much.
One of the main reasons for the world economy’s failure to produce a rebound is sluggish productivity. Since the recession, productivity growth has slowed down almost everywhere.
This chart, tweeted by Jason Furman, chair of President Obama’s economic advisors, shows productivity growth for G7 countries over the past two decades.
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Utopia, you are standing in it! 
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