has shifted to a noticeably lower path compared to pre-crisis levels. Excluding the three years
of 2008-2010, which featured, respectively, the eruption of the financial crisis, the great
recession and the policy-driven rebound, four fifths of the world economies have seen
average growth in 2011-2014 that was lower than the average growth in 2004-2007 (figure 2).
At issue is whether such a shift to a lower path of growth in most countries will become
entrenched for a long period. According to some pessimistic views, major developed
economies are highly likely to be entrapped in a secular stagnation