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Seoul Journal of Economics - Vol. 27 , No. 3
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Seoul Journal of Economics - Vol. 27, No. 3, pp. 257-276
Abbreviation: SJE
ISSN: 1225-0279 (Print)
Print publication date 31 Aug 2014
Received 29 Nov 2013 Revised 17 Jul 2014 Accepted 18 Jul 2014

Development Economics and Policy Deficits
Shahid Yusuf
Chief Economist, Growth Dialogue, George Washington University, School of Business, Washington DC, Tel: 202 994 8516 (syusuf@growthdialogue.org)

JEL Classification: O10, O18, O25, 032, 038, E66

Abstract

More than five years have elapsed since the onset of the Great Recession and to distress of all those affected by the slowdown, a decisive turning point continues to recede into the future. Growth rates are low in the OECD countries (1.25% in 2012-2013)1 and increasingly sluggish in the industrializing ones. Trade slowed sharply — to 2.5 percent — in 2013.2 Unemployment is a worry in many countries; and inequality is on the rise in all but a few.3 There are concerns in some quarters that the tempo of technical change is slowing.4 And although there are ways of mitigating climate change, dispersed progress on this front is proceeding at a frightening crawl.

Keywords: Crises, Growth, Innovation, Poverty, Aid, Institutions, Urbanization, State
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