Over the past 10 years the world economy has gradually recovered from the global financial crisis, growing by a respectable annual average of 3.8% from 2010 to 2019. This compares favourably with an average of 4.2% in the 10 years before the crisis.

The global economic recovery since 2010 has been mostly fuelled by ultra-loose and unconventional monetary policy, especially within developed economies. This appears to have distorted the global allocation of capital, resulting in a somewhat geographically uneven global economic recovery over the past 10 years. For example, the US achieved an average annual growth rate of 2.3% during that period, while the euro area expanded at an average of 1.5%...

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