> Mohamed El-Erian, PIMCO:
The Quest for Global Growth
N
EWPORT BEACH – As the fifth anniversary of the disorderly collapse of the investment bank Lehman Brothers approaches, some analysts will revisit the causes of an historic global “sudden stop” that resulted in enormous economic and financial disruptions. Others will describe the consequences of an event that continues to produce considerable human suffering. And 20
some will share personal experiences of a terrifying time for the global economy and for them personally (as policymakers, financialmarket participants, and in their everyday lives). As interesting as these contributions will be, I hope that we will also see another genre: analyses of the previously unthinkable outcomes that have become reality – with profound implications CFI.co | Capital Finance International
for current and future generations – and that our systems of governance have yet to address properly. With this in mind, let me offer four. The first such outcome, and by far the most consequential, is the continuing difficulty that Western economies face in generating robust economic growth and sufficient job creation. Notwithstanding the initial sharp drop in GDP