Growth centres focus on human capital.
Many of the growth stars identified in our introductory study "Global
Growth Centres 2020" owe their success to solid gains in human
capital - especially India, China, Thailand and Spain.
On the other
hand, many of the slow-growth countries also are likely to post small
gains in human capital. Our empirical investigation reveals that
human capital is the most important factor of production in modern
economies. By explicitly including human capital in our innovative
long-run forecasting model Formel-G, we achieve one of the main
goals of our "Global growth centres" project: to explain and forecast