# In an op-ed, Prof. Michael Spence outlines the barriers to global economic recovery

1 Faculty News November 19, 2013 ![Project Syndicate logo](/sites/default/files/styles/246w/public/assets/images/con_030500.jpg?itok=ONV7lJ6H)>

Excerpt from [Project Syndicate](http://www.project-syndicate.org/commentary/michael-spence-explores-the-causes-of-partial-and-stalled-economic-recoveries) -- "The growth map of the global economy is relatively clear. The US is in a partial recovery, with growth at 1.5-2% and lagging employment. Europe as a whole is barely above zero growth, with large variations among countries, though with some evidence of painful re-convergence, at least in terms of nominal unit labor costs. China’s growth, meanwhile, is leveling off at 7%, with other developing countries preparing for higher interest rates."

[Read more](http://www.project-syndicate.org/commentary/michael-spence-explores-the-causes-of-partial-and-stalled-economic-recoveries)