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Wednesday, November 21, 2012

Grantham Expects the Old GDP Battleship to Run Aground

News summary by MFWire's editors

A high profile mutual fund guru is sounding especially Malthusian these days. In GMO's [profile] quarterly letter, co-founder and chief investment strategist Jeremy Grantham argues that we're "on the road to zero growth," that the "old GDP battleship" is running aground, thanks to declining U.S. population growth and service sector productivity growth coupled with rising resource costs.

"A declining growth trend is inevitable and permanent and is caused by some pretty basic forces," Grantham wrote. "The question here is not 'Has the growth rate dropped?' (yes, it has) or 'Will it continue to drop?' (yes, it will). The question is 'At what rate will it drop?'"

Barron's, Business Insider and InvestmentNews all covered Grantham's latest predictions. 

Edited by: Neil Anderson, Managing Editor

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