IS EUROPE REALLY THAT SCLEROTIC? LESSONS FROM IMF STATISTICS

According to the IMF figures (table B1), the US economy has produced a real per capita GDP growth of an average of 1.6 percent per year over the period 1999 to 2008 while the Euro economy has produced a real per capita GDP growth of an average of 1.8 percent per year. Interestingly, even Germany which hovered around stagnation for several years at the beginning of the decade, has reached a per-capita-growth rate of 1.5 percent per year, only slightly below that of the US.

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