What is a "Successes Of The Current Global Economic System"? The Most Authoritative Explanation.

What is a "Successes Of The Current Global Economic System"? The Most Authoritative Explanation.

How can the global economic system be improved?

The current global economic system based on market economies and democratic government has the potential to be improved to meet future challenges. The objective of the enhanced global economic system is to ease deprivation, optimise employment, stabilise population growth, combat climate change and ensure a sustainable long term future.

How has the world economy changed over time?

The rise of global average incomes – global GDP per capita – shows that the world economy has moved from a zero-sum game to a positive-sum game. This made it possible that when people in one place became richer, other people in other places could become richer at the same time.

Can economic growth transform the world into a positive-sum economy?

Economic growth transformed the world into a positive-sum economy where more people can have access to more goods and services at the same time. It would be wrong to focus on economic growth only.

What are World Bank's economic prospects in 2022?

World Bank Global Economic Prospects 2022. Photo credit: Victor Idrogo/World Bank After rebounding to an estimated 5.5 percent in 2021, global growth is expected to decelerate markedly in 2022—to 4.1 percent, reflecting continued COVID-19 flare-ups, diminished fiscal support, and lingering supply bottlenecks.

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