Apache has had a rather fast growth rate over the last 10 years.
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To prove this point, Johnson did a thought experiment in which he extrapolated California's historically crazy-fast growth rate into the future.
But these supply increases are probably temporary: once employment growth stabilises, fast job growth would mean bringing the unemployment rate down further, which increases pressure on wages.
The bigger problem, though, is the effect of fast economic growth coupled with a fixed exchange rate.
There is nothing apocalyptic about such numbers, nor is the rate of household growth unusually fast.
Likewise, low growth that is below trend in an economy with a high trend rate of growth (perhaps because of a fast-growing labour force or high productivity growth) will feel like a recession and will cause unemployment to rise.
With a young, fast-growing workforce, the African subcontinent has a baseline economic growth rate three times that of the U.S. and Europe and holds the potential for 30% to 40% returns on capital.
Most importantly, the corollary of fast economic growth is that banks must expand credit at an eye-watering rate.
"You are not chasing very fast returns, " says Wood, "and with an increased rate of growth comes higher volatility, " but in a time when retirement ages may be getting older and pensions are decreasing, emerging markets are going to be increasingly important.
What we have is a situation in which the economy, although growing, although company profits are up, although we are seeing some job growth in the private sector, the economy is not growing fast enough to drive down the unemployment rate given the 8 million jobs that were lost before I came into office and just as I was coming into office.
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