Building a Bridge to a Tri-Polar World Economy: An American Growth Strategy

Five years into the global financial crisis, the prospects for economic growth are again deteriorating. The IMF has revised downward its 2013 forecast for world economic growth to 3.3 percent, confirming that a worldwide economic growth compression is still at work.1 U.S. GDP growth in the first quarter of 2013 came in at 2.5 percent, well below estimates, and is expected to weaken further as cuts in government spending and payroll tax hikes together with headwinds from Europe and China continue to act as a drag on the U.S. economy.2 The Euro-zone remains in recession, as economic weakness has spread from the southern Euro-zone economies to Germany and other core economies. 

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