What is economic growth and why does it matter?
The IMF has downgraded global growth forecasts warning 鈥渢he worst is yet to come鈥.
The International Monetary Fund (IMF) has this week downgraded its forecast for global growth warning 鈥渢he worst is yet to come and, for many people 2023 will feel like a recession鈥. The fallout from Russia鈥檚 invasion of Ukraine has increased inflation, forced central banks to raise interest rates and exacerbated the cost of living crisis. Britain鈥檚 new Prime Minister Liz Truss says her economic priority is 鈥済rowth, growth and growth鈥. But the IMF says that while the tax cuts her government has announced may boost growth in the short term they鈥檒l likely "complicate the fight" against soaring prices. So, what is the best way of boosting economic growth? Can it be done without increasing inequality and harming the planet? And is growth always good for you and your quality of life, whether you live in a rich country or a poor one?
Ritula Shah is joined by a panel of expert guests.
Vicky Pryce - Economist and former director general for economics at the UK government鈥檚 Department for Business, Innovation and Skills.
Desmond Lachman - South African born economist, former deputy director in the International Monetary Fund鈥檚 (IMF) Policy Development and Review Department, now a senior fellow at the American Enterprise Institute (AEI).
David Pilling - Africa editor for the FT and author of The Growth Delusion: Wealth, Poverty, and the Well-Being of Nations.
Producers: Ellen Otzen and Paul Schuster.
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The Real Story
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