Home / Knowledge / News / Textiles / Global economy recorded 3% growth in 2017: World Bank
Global economy recorded 3% growth in 2017: World Bank
10
Jan '18
Global economy recorded 3% growth in 2017: World Bank
In a broad-based upturn, global economy grew at 3 per cent in 2017, its strongest rate since 2011, according to the World Bank. Global economic growth is predicted to edge up to 3.1 per cent in 2018, owing to a continued recovery in emerging market and developing economies (EMDEs) more than offsetting a slight moderation in advanced economies.

EMDE growth is projected to strengthen to 4.5 per cent in 2018 in a supportive global environment, as headwinds to activity in commodity exporters gradually dissipate and growth in commodity importers remains robust, the Bank said in its latest report ‘Global Economic Prospects: Broad-based upturn, but for how long?’

“The global outlook is still subject to downside risks, including the possibility of financial stress, increased protectionism, rising geopolitical tensions, and, over the longer term, weaker potential growth,” says the report.

“With output gaps closing or closed in many countries, accommodative cyclical policies are becoming less urgent. Given the prospects for a continued softening of potential growth, structural reforms that spur long-term growth, investment, and productivity should take priority,” it adds.

The World Bank forecasts advanced economies to moderate slightly to 2.2 per cent in 2018, as central banks gradually remove their post-crisis accommodation and the upturn in investment growth stabilises.

The report states that the risks to the forecast are more balanced but still on the downside. Risks to the global outlook are becoming more balanced, mainly due to the possibility of stronger-than-expected growth in the largest advanced economies and EMDEs. However, downside risks continue to predominate. “A sudden increase in borrowing costs, triggered by a reassessment of the pace of advanced-economy monetary policy normalisation or rising concerns about elevated asset valuations, could lead to financial stress and disrupt capital flows to EMDEs.”

Escalating trade restrictions could derail the recovery in trade and undo gains from past liberalisation efforts. Over the longer term, a more pronounced slowdown in potential output growth in both advanced economies and EMDEs would make the global economy more vulnerable to shocks and worsen prospects for improved living standards, the report warns. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Moments of EPA signing in Tokyo. Courtesy: Twitter handle of Jean-Claude Juncker

Textiles | On 18th Jul 2018

EU and Japan sign Economic Partnership Agreement

European Union and Japan have signed an Economic Partnership...

Courtesy: Tego

Apparel/Garments | On 18th Jul 2018

Tego plans to expand product range in 2018-19

Tego, a company that creates premium athletic gear for modern...

Courtesy: rawpixel.com from Pexels

Textiles | On 18th Jul 2018

Hike in import duty on textile-apparel by India beneficial

The Indian Government’s decision to raise import duty on textile and...

Interviews View All

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Shivani Swamy

The Livinguard Technology is owned by Green Impact Holding AG based in...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search