After a disappointing first quarter, the pace of global upturn picked up in the June quarter as preliminary GDP results for China, the US and the Euro-zone – which collectively account for 45% of the world economy – showed faster growth, explains the analysis team at NAB.
“A combination of favourable financial conditions, still-stimulatory monetary policy and no head-winds from budget austerity have underpinned the ongoing moderate growth in the big advanced economies. Conditions in the emerging economies have been more mixed with solid growth in China and India whereas Russia and Brazil have experienced tough economic times.”
“We expect global growth to rise from 3.2% in 2016 to 3.4% this year and an around-trend 3.5% in 2018. China and India remain the stand-out global performers, accounting for around half of global growth between them, with a promising looking upturn in the Euro-zone and growth of around 2% in the US driving much of the rest of global expansion.”
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