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"growth below" is correct and usable in written English.
You can use it to describe a situation in which something is increasing in a negative or undesirable direction, such as when a company is experiencing a financial downturn. For example: "The company has seen a significant growth below the industry standard this quarter."
Exact(56)
All industries have experienced wage growth below their decade averages".
The first is a rapid deceleration of GDP growth – below, say, 7%.
If he is correct, that would mean four consecutive years of annual growth below 3percentt.
Enough to drag annual US growth below trend, but nowhere near recession territory.
After that, the agency expects annual growth below one million barrels a day from 2011 to 2013.
"Once unemployment begins to rise from 4percentt," he said, "wage growth below the median clearly slows".
Others whisper that growth below 1% is not out of the question.
Growth below 100,000 would make Mitt Romney, the presumptive Republican nominee, the favorite….
Spending cuts that threaten to drag growth below a desired level should prompt monetary easing, limiting the multiplier.
Similar(2)
We measured seagrass growth, below- and above-ground biomass, and the change in shoot density.
Among the symptoms: above-trend growth, below-trend inflation, weak global commodity prices, faster money supply growth and falling private sector savings.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com