The global economy may this year see its fastest growth since 2011, driven mostly by African countries. It will also be its most energy-hungry ever, according to the latest Global Economy Watch (GEW) forecast by PwC.
"Among the 17 countries with a faster economic growth than China will be India, Ghana, Ethiopia and the Philippines, which will lead to a broader growth in Africa and the Asian economies. According to our GEW, of the ten fastest growing economies, eight could be African," said Csaba Polacsek, business advisory partner at PwC Hungary.
PwC released its final Global Economy Watch of 2017, with predictions for 2018. According to a press release sent to the Budapest Business Journal, one of the main findings of the final GEW of last year is that global economic growth may be the fastest since 2011.
PwC says that the global economy will likely grow by almost 4% in purchasing power parity (PPP) terms. More importantly, it stresses, this growth is expected to be broad-based and synchronized, rather than dependent on a few countries.
The main engines of the global economy (the United States, emerging Asia and the Eurozone, which comprised 60% of world GDP in 2017) are expected to contribute almost 70% of economic growth in 2018 in PPP terms, compared to their post-2000 average of around 60%, PwC says.
PwC also expects that this year will be "the beginning of the end of easy money," with the European Central Bank (ECB) likely to further reduce its monthly asset purchases in 2018. Generally, PwC expects monetary policy to somewhat...
The world economy can be evaluated in various ways, depending on the model used, and this valuation can then be represented in various ways (for example, in 2006 US dollars). It is inseparable from the geography and ecology of Earth, and is therefore somewhat of a misnomer, since, while definitions and representations of the "world economy" vary widely, they must at a minimum exclude any consideration of resources or value based outside of the Earth.
For example, while attempts could be made to calculate the value of currently unexploited mining opportunities in unclaimed territory in Antarctica, the same opportunities on Mars would not be considered a part of the world economy - even if currently exploited in some way - and could be considered of latent value only in the same way as uncreated intellectual property, such as a previously unconceived invention. Beyond the minimum standard of concerning value in production, use, and exchange on the planet Earth, definitions, representations, models, and valuations of the world economy vary widely.
It is common to limit questions of the world economy exclusively to Human economic activity, and the world economy is typically judged in monetary terms, even in cases in which there is no efficient market to help valuate certain goods or services, or in cases in which a lack of independent research or government cooperation makes establishing figures difficult. Typical examples are illegal drugs and prostitution, which by any standard are a part of the world economy, but for which there is by definition no legal market of any kind.
for December 2017
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