What does the future look like in terms of world economies? Global growth is likely to slow down to 3 percent per year, a rate far below the average of the last two decades. A recovery in America, Japan, England, France, and other advanced economies will be more than offset by a gradual slowdown in emerging ones as they mature, with the result that global growth overall will decrease.

However, the largest risk looking forward for the global economy is not the slower growth in output but the slowdown in average output per capita, which determines the speed of living standards and how they can be supported and raised overall.

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