World’s 2017 economic prospects

Wednesday, January 04, 2017 - 6:00:00

(VOVworld)- Growth of the world economy in late 2016 nurtures hopes for 2017.
world’s 2017 economic prospects hinh 0

The world’s major economies recovered steadily in 2016. The US saw a GDP growth of 3.2% in the third quarter and stock markets climbed following the victory of President-elect Donald Trump. China, the world’s 2nd largest economy, continued its strong growth projecting 6.5% growth for 2016. Despite struggling with Greece’s public debt, migration from the Middle East and Africa, and Britain’s imminent departure (Brexit), the EU reduced its unemployment rate, increased its exports, and maintained a low inflation rate. Among the emerging economies, India led the world with a growth rate of 7.6%, surpassing the UK to become the world’s 6th largest economy.

Economies like Japan, Russia, and Brazil have been slower to recover. Japan has failed to address a reduction of its labor force and an ageing population. Russia’s economy has been hurt by sanctions from the West and falling oil prices. Political chaos is the main reason for the economic recession in Brazil.

Analysts predict that the global economy will improve in 2017 with a GDP growth projection of 3%. Jan Hatzius, chief economist and head of Global Economics and Markets Research at Goldman Sachs says the US has led the improvement and is expected to achieve 2% to 3% percent growth in the US, especially with US President-elect Donald Trump implementing economic protection policies, increasing spending on infrastructure, reducing taxes and loosing regulations for enterprises. The EU and UK are expected to achieve higher growth rate this year as worries about the impact of Brexit wane. China’s GDP growth rate is projected to exceed 6.5%. Martin Wolf, Chief Economics Commentator at the Financial Times said inflation will not be a serious problem for the world while a trade war is unlikely in 2017 because all countries are dependent on international trade.

Economists are saying that in 2017 globalization and trade liberalization will face challenges from rising populism.

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