Guangdong Sheng, China – July 30, 2018 – The current year was expected to bring strong forward momentum to the global economy, termed as ‘synchronized growth’. This was a welcome outlook after the recession, and though growth estimates have since been revised, the global economy is expected to continue its onward march.
The IMF came out with very positive forecasts at the start of 2018, but within a month, several hurdles cropped up that put a doubt on the expected 3.45% growth rate. The US equities corrected by 10 percent, and the trade issues began to hog limelight. The more accurate quarter one growth estimate is thus 2.8%.
The European situation is rather gloomier, as economic data reveals. In Germany, there is a significant rise in expectations (32% compared to just around 7 percent in March) that a recession could begin in just a few months. The trade issues are also expected to impact supply chains around the world.
The current obstacles notwithstanding, global economies will continue to grow. Especially financial markets have not shown an overreaction to the current issues, strengthening the sentiment that solutions would be found without causing much turbulence. Global economic growth beginning previous year is thus not in peril.
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