3% is fantastic for a rich, developed economy with a shrinking population.
Indeed. Quite respectable growth. Five would be a stellar rate in my mind- I call it "Pawlenty growth". If any of these countries could sustain 5% GDP growth per annum for a decade, they would be able to guarantee their importance in the world economy for a decade.
What does Pawlenty have to do with it?
Anyway sustaining 5% growth per annum for a decade would be fantastic for most Asian or Latin American countries - incredibly unlikely in developed areas like Europe.
Last year, real income grew significantly for the first time in years, after basically stagnating since 1992/1993. Hopefully, the unions will show their balls in 2012 and grab some of the cake.
Stagnant or falling income for workers is a necessary element of achieving growth in the competitive global economy.
