Growth in real GDP per capita for the world economy was greatest during the period of 1950 to 1973, where it experienced an average annual growth rate of 2.8%. This period is commonly referred to as the "Golden Age of Capitalism" due to the significant economic growth that occurred in developed countries.
During this time, countries such as Japan, Germany, and the United States experienced rapid economic growth and rising living standards. This was due to factors such as technological advancements, increased international trade, and government policies promoting economic growth.
In contrast, the period of 1973 to the present day has seen a slowdown in global economic growth, with average annual growth rates of only 1.6%. This has been attributed to a variety of factors, including rising income inequality, the effects of globalization, and the impact of financial crises.
Despite these challenges, there have been pockets of economic growth in emerging markets such as China and India, which have experienced significant economic growth in recent years and are expected to continue to do so in the future.