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Why America's economy is soaring ahead of its rivals
The country’s outperformance is rooted in long-term productivity growth that is the envy of the developed world. Could Trump’s policies endanger its lead?
Addressing low productivity growth is the IMF’s key recommendation for Japan, while a landmark report published in September by Mario Draghi, a former president of the European Central Bank, described weak competitiveness as an “existential challenge” for the EU. Some economists question whether the policies he has indicated he will pursue — tariffs on US imports, mass deportations of immigrants and big tax cuts for the wealthy — might undermine the long-term advantages the US currently boasts, and risk a return to resurgent inflation and keep interest rates elevated. According to Andrea Colli, professor of business history at Bocconi University in Italy, the improvement was largely down to reconstruction efforts partly funded by the US via the Marshall Plan, which poured over $13bn into the continent’s battered economies.
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