US GDP growth cut to 1.7% in 2011
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Read about the risks and opportunities around the world in this August EIU economic forecast edition.
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US GDP growth cut to 1.7% in 2011
- 1. Global economic forecast August 12th 2011
- 10. 25 25 16 16 15 - The Chinese economy crashes - New asset bubbles burst, creating renewed financial turbulence - Disorderly defaults by developed world-sovereigns rock markets - The euro zone breaks up - The global economy falls into recession
- 11. 12 12 10 9 8 + Oil prices slump - Economic upheaval leads to widespread social and political unrest - The US dollar crashes - Oil prices remain at extremely high levels - Tensions over currency manipulation lead to protectionism
Editor's Notes
- The euro zone is forecast to underperform the US in 2009 as it suffers from a massive drop in external demand, the impact of the global financial crisis and the unwinding of domestic imbalances. The US recovery will be driven partly by aggressive fiscal stimulus which will make itself felt from the second half of 2009 and some restocking, after the extensive drawdown of inventories in the first half 2009.
- The euro zone is forecast to underperform the US in 2009, largely reflecting the severe weakness of Germany, which, like Japan, remains highly exposed to the global trade cycle. The US recovery will be driven partly by aggressive fiscal stimulus, which will make itself felt from the second half of 2009.
- The euro zone is forecast to underperform the US in 2009, largely reflecting the severe weakness of Germany, which, like Japan, remains highly exposed to the global trade cycle. The US recovery will be driven partly by aggressive fiscal stimulus, which will make itself felt from the second half of 2009.
- Although we are forecasting steady growth in oil demand in 2011-13, ample supply and capacity will prevent significant price gains. While our forecast suggests markedly lower prices in 2009-13 than in 2008, they are still relatively high in both historical and real terms.
- Policy rates in the largest industrial economies are forecast to remain at ultra-loose levels at least until the end of 2010. Concerns not to inflate fresh bubbles will persuade the Federal Reserve (the US central bank) to start to tighten policy from 2011.