Is the worst behind us?

At a time when reports of losses from sub-prime crisis are increasing, global stock markets are on a rise. This has given a sense of complacency to the investors and may be the policy makers. C. P. Chandrasekhar and Jayati Ghosh recently analyzed the global GDP trends during the last 50 years and the statistical data reveals that the world GDP is slowing down.
This is perhaps because of the slowing down of developed countries and not moderate growth in developing countries. The data reveals that the absolute GDP as well as the growth in GDP has decreased consistently. The articles can be accessed here