Economic growth has slowed across the globe. The global growth slowdown reflects fundamental changes in trends in demographics and productivity. For example, trend real GDP growth in the United States is currently 1.6 percent, the slowest pace in memory. Similar slowdowns are seen in advanced economies across the globe. Nor are emerging market economies immune from this trend, as labor force growth slows to a trickle and the rapid gains in productivity growth associated with earlier stages of economic development are in the rear view mirror.

This slowdown has enormous consequences for economies going forward. Demographic trends imply worsening dependency ratios and government finances. Slowing real income growth and rising income inequality may undermine support for policies favoring longer-term economic growth. Finally, a slow growth global economy is associated with lower real interest rates, which creates challenges for monetary policy and financial stability. Countries need to prepare for the challenges of slow global growth before the next economic storm hits.

As the President and Chief Executive Officer of the Federal Reserve Bank of San Francisco (FRBSF), Dr John C Williams is a foremost economist in U.S. monetary policy decision-making. Dr Williams monitors economic and financial trends through the lens of the Federal Reserve System’s dual mandate: maximum employment and price stability in the domestic setting. The FRBSF covers the largest territory in the Federal Reserve System, encompassing the Western-most states.

Please register your attendance below and join us in welcoming Dr Williams to the Lighthouse Lecture Series - The Global Growth Slump: Causes and Consequences on Tuesday 27 June.

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