Recently released forecasts anticipating a global growth revival in the coming years are missing the big picture. US President Donald Trump's policies will erode the norms and institutions that govern markets, and come at a time when the global economy is already fragile.
PRINCETON – At this time last year, the International Monetary Fund reported disappointing global GDP growth of 3.1% in 2015, and promised that growth would increase in 2016 and 2017. But that expectation was unrealistic, as I explained at the time. And, sure enough, in 2016, it is estimated that global GDP again grew by only 3.1%, while world trade growth slowed substantially, from 2.7% to an anemic 1.9%. These figures describe a troubled world economy.
PRINCETON – At this time last year, the International Monetary Fund reported disappointing global GDP growth of 3.1% in 2015, and promised that growth would increase in 2016 and 2017. But that expectation was unrealistic, as I explained at the time. And, sure enough, in 2016, it is estimated that global GDP again grew by only 3.1%, while world trade growth slowed substantially, from 2.7% to an anemic 1.9%. These figures describe a troubled world economy.