Home / Knowledge / News / Textiles / US emerging as locomotive for global growth: IHF Economist
US emerging as locomotive for global growth: IHF Economist
24
Oct '14
The world’s largest economy – the US is the locomotive of global growth for the first time since the great recession and in the process boosting exports around the world, says the Chief Economist at IHF.

Nariman Behravesh adds, “Robust domestic demand growth, strengthening dollar, and rising oil production is propelling US growth and UK is also doing well, while the rest of world struggles.”

Behravesh was providing a preview into a presentation to be made at the Global Economic and Country Risk Conference to be held from November 11-12 in Washington, D.C.

He informs that global average growth will hit 2.5 percent, while the US will be at about 3.0 percent from a strengthening domestic demand and rising oil and gas output, which is cutting energy prices.

While at the same time, China’s domestic demand is decelerating, the lingering effect of its real estate crash.

The US dollar is at a four-year high, while the euro is steadily weakening, the Japanese yen is at its lowest level in six years and the Russian rouble has fallen 20 percent since January.

“The pendulum seems to have swung back from an environment in which just five years ago, emerging markets were the darlings of the global economy,” says Behravesh.

He adds, “While the locomotive role of the US is less powerful than it was a couple of decades ago, it has regained its role and possibly as the major driver of global growth.”

Though strengthening domestic demand is propelling US expansion, global trade is still a drag on the economy, a factor Behravesh notes, is helping economies in the rest of the world.

The diverse nature of US imports has an impact on a large group of countries, developed and emerging alike.

US oil and gas output has surged about 30 percent since 2010, spurring job growth, providing a competitive stimulus to manufacturing and a much smaller drag from trade.

Rising US production is a major force in stabilizing global energy markets, offsetting turmoil and disruptions caused by conflicts in Syria, Iraq, Libya, and between Russia and Ukraine.

Increased domestic oil production in the US has also been a major factor in driving down the cost of petroleum.

“Brent crude has fallen from around $125 per barrel in early 2012 to around $92 in early October, providing an important boost to oil-consuming countries around the world,” Behravesh informs. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: African Development Bank

Fashion | On 24th Aug 2017

AfDB supports growth of African fashion sector

Fashionomics Africa (the economics of fashion) is an initiative of...

Textiles | On 24th Aug 2017

Pakistan's textile exports increase 2.78% in July 2017

The value of textile and garment exports from Pakistan increased by...

Textiles | On 23rd Aug 2017

US govt initiates Section 301 investigation of China

The US government has initiated an investigation of China under...

Interviews View All

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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

August 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
67.7%
No
16.1%
Skip
16.1%

Total Votes: 31

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
45.2%
No
35.5%
Skip
19.4%

Total Votes: 31

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
83.9%
No
6.5%
Skip
9.7%

Total Votes: 31

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
61.3%
No
9.7%
Skip
29.0%

Total Votes: 31


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search