Economic Overview

The global economy is projected to grow at 3.4% amid concerns of the impact of certain events e.g. Brexit, US elections and China industrial transformation.

The global economy is projected to grow at 3.4% in 2017, an increase from the 3.1% growth achieved in 2016. However, a number of recent global events have cast a shadow on future growth prospects. The major changes that will impact global trade and economic growth include the election of a new government in the United States of America (USA) whose policies are inward looking. Some of the policies that the new administration is advocating include renegotiation of trade agreements deemed to be detrimental to the USA, imposition of punitive tariffs on imports from certain countries, and overhaul of climate and immigration laws. Another force that is likely to impact trade is Brexit – the decision by the United Kingdom to leave the European Union (EU). The discussions on the terms of Brexit will continue for the next two years, but its implication will cast a shadow on the EU for many years to come. The changes in the UK and the USA point to the rise of anti-globalisation and anti-immigration movements in a number of countries, a possible consequence of inequalities in the distribution of
the globalisation dividend.

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