September-October 2016

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18 PalletCentral • September-October 2016 Slower Global Growth and Lower E xpectations he economic recovery is now entering its seventh year. Following the financial crisis of 2008, the global economy plunged into the most serious recession since the Great Depression of the 1930s. A host of policy actions were taken to first stabilize the financial system and then to stimulate growth. Central banks were particularly aggressive. Interest rates were slashed to zero or more recently to below zero in several countries in Europe and in Japan. Despite these aggressive policy actions, growth in most major economies has been anemic at best. During 2010-15, U.S. GDP growth has averaged only 2%. This pathetic growth has proved frustrating for most economic forecasters (including Adjusting to a New Reality: Slower Growth By Lynn Michaelis ECONOMY T

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