The Puzzle of Abysmal Global Growth

One of the biggest puzzles shrouding the world economy is why its growth remains abysmal and unable to get back to its historic trend since the Great Recession of 2008, despite massive monetary easing by central banks all over the world.

Interest rates have been cut to almost zero — and have been negative in some countries — and billions of dollars have been injected by central banks into financial markets to prop up investments, but the real economy did not seem to respond.