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The Global Growth Cycle has Probably Peaked
Our World Economic Forecast, taken from the National Institute Economic Review
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Pub. Date
05 February, 2019
Pub. Type
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External Authors
Piggott, Rebecca
Lopresto, Marta
Lennard, Jason
Hantzsche, Arno
Related Themes
Macro-Economic Modelling and ForecastingJournal
National Institute Economic Review, No. 1, Vol. 247
Publisher
Sage, London
External Resources
Key points
- Recent data suggests that the global growth cycle has probably peaked. We forecast world GDP growth of around 3.5 per cent a year over the next two years.
- On that basis, the second decade of the 21st century will have seen sustained global GDP growth.
- Tariff increases and trade disputes seem likely to act as a drag on the global economic outlook, with a bias towards slower growth as a consequence.
- Despite faster wage growth in advanced economies, the recent fall in oil prices has reduced the risks of inflation overshooting targets. We expect central banks to reduce monetary accommodation very gradually.
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