Global economy to grow by 3.5 pc in 2017
The global economy is projected to increase to 3.5 percent in 2017 and 3.6 percent in 2018, compared with 3.1 percent in 2016, supported by a rebound in growth in the advanced and emerging market economies .
In the advanced economies, GDP growth is projected to be 2.0 percent both in 2017 and 2018, higher than 1.7 percent recorded in 2016 with output growth expected to increase in the United States, Japan and United Kingdom.
In the Euro Area, real GDP growth is projected to be 1.7 percent in 2017 same level as recorded in 2016, largely supported by expansionary fiscal policy, accommodative financial conditions and a weaker euro.
Real GDP in the United States is projected to grow by 2.3 percent in 2017 and 2.5 percent in 2018, up from 1.6 percent in 2016, largely supported by a cyclical recovery in inventory accumulation, strong consumption growth, buoyed financial markets and strengthened business confidence.
Growth in the United Kingdom is projected to be 2.0 percent in 2017, before declining to 1.5 percent in 2018.
The projected increase in growth in 2017 reflect the stronger than expected performance in the UK economy since the June 2016 Brexit vote, which points to a more gradual materialization than previously anticipated. In Japan, growth is forecasted to increase to 1.2 percent in 2017, up from 1.0 percent recorded in 2016, mainly due to expected rise in exports.
Growth in emerging market and developing economies is forecasted to rise to 4.5 percent and 4.8 percent, respectively, in 2017 and 2018, from an estimated growth of 4.1 percent in 2016, largely due to stabilization or recovery in a number of commodity exporters.
In India, real GDP is projected to be higher in 2017 and 2018 than in 2016, largely supported by increased consumer demand and investment. However, growth is projected to slowdown in China in 2017 and 2018, largely due to fall in investment and trade growth.
Growth in sub-Saharan Africa is expected to increase to 2.6 percent and 3.5 percent, respectively, in 2017 and 2018 from 1.4 percent recorded in 2016, largely due to recovery in commodity prices and private demand.
Output in Nigeria is projected to grow by 0.8 percent in 2017 from a contraction of 1.5 percent recorded in 2016, driven largely by a recovery in oil production, continued growth in agriculture and higher public investment.
Likewise, in South Africa, growth is forecasted at 0.8 percent in 2017, up from 0.3 percent recorded in the previous year largely supported by a rebound in commodity prices, improved weather condition and increase in electricity capacity.
In the advanced economies, GDP growth is projected to be 2.0 percent both in 2017 and 2018, higher than 1.7 percent recorded in 2016 with output growth expected to increase in the United States, Japan and United Kingdom.
In the Euro Area, real GDP growth is projected to be 1.7 percent in 2017 same level as recorded in 2016, largely supported by expansionary fiscal policy, accommodative financial conditions and a weaker euro.
Real GDP in the United States is projected to grow by 2.3 percent in 2017 and 2.5 percent in 2018, up from 1.6 percent in 2016, largely supported by a cyclical recovery in inventory accumulation, strong consumption growth, buoyed financial markets and strengthened business confidence.
Growth in the United Kingdom is projected to be 2.0 percent in 2017, before declining to 1.5 percent in 2018.
The projected increase in growth in 2017 reflect the stronger than expected performance in the UK economy since the June 2016 Brexit vote, which points to a more gradual materialization than previously anticipated. In Japan, growth is forecasted to increase to 1.2 percent in 2017, up from 1.0 percent recorded in 2016, mainly due to expected rise in exports.
Growth in emerging market and developing economies is forecasted to rise to 4.5 percent and 4.8 percent, respectively, in 2017 and 2018, from an estimated growth of 4.1 percent in 2016, largely due to stabilization or recovery in a number of commodity exporters.
In India, real GDP is projected to be higher in 2017 and 2018 than in 2016, largely supported by increased consumer demand and investment. However, growth is projected to slowdown in China in 2017 and 2018, largely due to fall in investment and trade growth.
Growth in sub-Saharan Africa is expected to increase to 2.6 percent and 3.5 percent, respectively, in 2017 and 2018 from 1.4 percent recorded in 2016, largely due to recovery in commodity prices and private demand.
Output in Nigeria is projected to grow by 0.8 percent in 2017 from a contraction of 1.5 percent recorded in 2016, driven largely by a recovery in oil production, continued growth in agriculture and higher public investment.
Likewise, in South Africa, growth is forecasted at 0.8 percent in 2017, up from 0.3 percent recorded in the previous year largely supported by a rebound in commodity prices, improved weather condition and increase in electricity capacity.
Maoni
Chapisha Maoni