The Global Macroeconomic Scenario

di Daniele Langiu, Francesco Morello e Fabio Sdogati[1]

A clear understanding of the global macroeconomic scenario that is unfolding in this early part of 2016 requires a clear understanding of the main drivers of economic growth over the last quarter of a century. During these last 25 years, globalization led to growing GDP in both high per capita income countries and a subset of developing economies thanks to increased economic integration, increased international flows of people, products and capital. The pattern of the wave of globalization that drove economic growth can be summarized in three points:

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