Economies Improve in High-Income and Developing Countries Alike
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http://www.worldbank.org/globaloutlook - The world economy is projected to strengthen this year, with growth picking up in developing countries while high-income economies appear to finally be turning the corner five years after the global financial crisis, according to the World Bank's newly-released Global Economic Prospects (GEP) report. Global GDP is projected to increase from 2.4 percent in 2013 to 3.2 percent this year. Growth in developing countries will expand from 4.8 percent in 2013 to a slower than previously expected 5.3 percent this year.
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As a practical manner we should understand the World Bank's natural tendency to lean toward and adopt a rosy scenario. It's 2014 and well past the time when quantitative measures like GDP should be accompanied by an agreed index of qualitative measurements. Two much different examples: If I threw a brick through a storefront window it would raise GDP with the repair bill, the insurance claim, and so forth. And the same principle written large holds true with the US healthcare system when spending is greater than 18% of GDP compared to getting average results compared to other OECD countries spending roughly 10% of GDP on average. There's more than $1 trillion of useless GDP there and you can carry that to other sectors as well.
The legal-judicial-penal complex is also wasting more than $1 trillion. These things work for the moment in the purchase of foreign goods and services but do speed the day when the dollar will lose its reserve currency status.
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