Global Economics Monthly: Economic Policy: Expectations and Constraints
May 30, 2013
Expectations of economic policymakers around the world are rising. Five years after the onset of the global financial crisis, the advanced economies of Europe, North America, and Asia continue to struggle and their citizens expect government to do more to generate growth and jobs. Meanwhile, the bloom has come off the rose for major emerging economies like China, whose people are demanding not just stronger growth but greater equality, better regulation, and a cleaner environment. Yet against these unfettered expectations, economic policymaking today is bound by a tangle of constraints, forcing governments to be increasingly nimble and creative in delivering on their growing mandates.