Liz Truss launches Growth Commission task force to revitalize economy

However, both problems are „significantly exacerbated by slow (and recent) growth,” he said.

„If growth in per capita GDP can be restored, there will be an opportunity for a higher standard of living, an opportunity to improve public services and reduce taxes,” he said.

Mr McWilliams will be joined by international trade expert Shankar Singham, who serves as its vice-chairman, and other leading economists from G20 countries.

Tyler Cowen, a professor of economics at George Mason University in the US, has been described as one of the most influential economists of the past decade, including Christine McDaniel, a former deputy assistant secretary at the US Treasury.

Other members include Eduardo Pérez-Mota, former head of the Federal Competition Commission in Mexico and Mexico’s ambassador to the World Trade Organization, and Naohiro Yashi, head of the Japan Center for Economic Research.

Mr Singham said: “Most of the gains made by liberalization of trade and regulatory reform in Western countries and developed economies in general per capita GDP have already been realized and real growth is unlikely.

„Our commission will test this assumption and examine what per capita GDP gains are actually possible based on the policies chosen.

„Indeed, our preliminary data suggest that substantial GDP per capita gains are possible and that slowdowns in growth rates are not inevitable but a direct result of policy choices.”

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