02051cas a2200229 a 4500 AALejournalIMF017424 230101c9999 xx r poo 0 0eng d 9781475577150 0145-1707 BD-DhAAL BD-DhAAL International Monetary Fund. External Relations Dept. Finance and Development, March 2017. Washington, D.C. : International Monetary Fund, 2017. 1 online resource (60 pages) Finance and Development <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper reports about current mainstream growth projections for the United States and the European Union over the medium term represent a marked slowdown from growth rates in the decades prior to the global financial crisis. Slower growth in Europe and the United States has mixed implications for growth prospects in developing economies. Most obviously, on the negative side, it means less demand for these countries' exports, so models of development based on export-led growth may need to be rethought. In contrast, for Western Europe the narrative is about catch-up growth rather than the rate of cutting-edge technological progress. From the middle of the 20th century to the recent global crisis, this experience comprised three distinct phases. European medium-term growth prospects depend both on how fast productivity grows in the United States and whether catch-up growth can resume after a long hiatus. Economic historians see social capability as a key determinant of success or failure in catch-up growth. Mode of access: Internet Finance and Development; Finance and Development ; No. 0054/001 Full text available on IMF http://elibrary.imf.org/view/journals/022/0054/001/022.0054.issue-001-en.xml IMF e-Library