18 PalletCentral • September-October 2016 palletcentral.com
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