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The Real Story: What is economic growth and why does it matter?

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What is economic growth and why does it matter?

14/10/2022 GMT

BBC World Service - The Real Story, What is economic growth and why does it matter?

The IMF has downgraded global growth forecasts warning “the worst is yet to come”

The IMF has downgraded global growth forecasts warning “the worst is yet to come”.

The International Monetary Fund (IMF) has this week downgraded its forecast for global growth warning “the worst is yet to come and, for many people 2023 will feel like a recession”. The fallout from Russia’s invasion of Ukraine has increased inflation, forced central banks to raise interest rates and exacerbated the cost of living crisis. Britain’s new Prime Minister Liz Truss says her economic priority is “growth, growth and growth”. But the IMF says that while the tax cuts her government has announced may boost growth in the short term they’ll likely "complicate the fight" against soaring prices. So, what is the best way of boosting economic growth? Can it be done without increasing inequality and harming the planet? And is growth always good for you and your quality of life, whether you live in a rich country or a poor one?

Ritula Shah is joined by a panel of expert guests.

Vicky Pryce - Economist and former director general for economics at the UK government’s Department for Business, Innovation and Skills.

Desmond Lachman - South African born economist, former  deputy director in the International Monetary Fund’s (IMF) Policy Development and Review Department, now a senior fellow at the American Enterprise Institute (AEI).

David Pilling - Africa editor for the FT and author of The Growth Delusion: Wealth, Poverty, and the Well-Being of Nations.


Producers: Ellen Otzen and Paul Schuster.

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