This paper presents the methodology for The Conference Board Global Economic Outlook 2019, which includes growth projections for 11 major regions and individual estimates for 33 mature and 36 emerging market economies for 2019-2023 and 2024-2028. The projections are based on a supply-side growth accounting model that estimates the contributions of the use of factor inputs—labor and capital—and total factor productivity growth to the growth of real gross domestic product (GDP). While labor input growth rates are estimated using data on demographic changes and participation rates—including an estimation to adjust for the change in the composition (or quality) of the workforce—capital input and total factor productivity growth are econometrically estimated using a wide range of related variables during past periods. The obtained trend growth rates for the period 2019-2023 are adjusted for possible deviations between actual and potential output in the short run.
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