Global Economy Expanded More Slowly than Expected in 2011

The global economy grew 3.8 percent in 2011, a drop from 5.2 percent in 2010. Economists had anticipated a slowdown, but this was even less growth than expected, thanks to the earthquake and tsunami in Japan, unrest in oil-producing countries, the debt crisis in Europe, and a stagnating recovery in the United States.

"Our current economic system requires continued growth to keep governments and families afloat, but the natural systems that support our economy cannot sustain endless consumption. GDP tallies economic output but does not reflect environmental limits, sustainable yields, or how today’s environmental damage undermines future prosperity. And it fails to distinguish economic growth that alleviates poverty and strengthens society from that which pollutes the environment, endangers health, or disproportionately enriches large corporations and the very wealthy."  

Excellent analysis by the Earth Policy Institute with a gloomy but realistic conclusion: "Without a more comprehensive vision of economic health and better ways to measure it, we are flying blind on a path to economic decline and collapse."

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