As U.S. Economy Shows Q3 Uptick, Global Outlook Dims

Despite a looming trade war with China, a global report showed the U.S. economy growing faster in the third quarter, higher than its long-term trending pattern for the year. Released by Euromonitor International, the global economic forecast for the third quarter “focuses on quarterly macro changes for the world’s economies and what these mean to our view of the likely, optimistic and pessimistic scenarios for the global economy.” Overall, Euromonitor’s forecast showed downgrades to the global outlook in the first half of 2019, especially in emerging and developing economies. Global GDP growth is predicted to see a 3.1 percent gain in 2019 before rising 3.3 percent annually in 2020-21. “Rising trade tensions and a worsening slowdown in global trade and manufacturing” were predicted by Euromonitor International. “Together with more negative signals from financial markets [will] have increased global downturn and emerging markets slowdown risks.” As reported by WWD, the third quarter has continued to see uncertainty from retailers and consumers in regard to the impact of the U.S.-China trade war. “With China’s Customs Tariff commission saying recently it will impose new tariffs on some $75 billion in goods in response to the U.S. government’s additional 10 percent tariffs on approximately $300 billion in goods

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