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World Economic Situation and Prospects 2019

image of World Economic Situation and Prospects 2019

The United Nations definitive report on the state of the world economy, providing global and regional economic outlook for 2019 and 2020. Produced by the Department of Economic and Social Affairs, the five UN regional commissions, the United Nations Conference on Trade and Development, with contributions from the UN World Tourism Organization.

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Regional developments and outlook

Economic confidence and sentiment indicators in the United States of America are near to historical highs, despite the wide range of tariff hikes and the build-up of trade tensions that intensified over the course of 2018. The impact of ongoing trade disputes on the domestic economy has been offset by major fiscal stimulus measures introduced in 2018, including a two percentage point drop in income tax rates, a steep decline in the corporate tax rate and a rise in federal government consumption spending, especially on defence. This has supported strong jobs growth and buoyant economic activity. In the first three quarters of 2018, gross domestic product (GDP) was 2.8 per cent higher than a year earlier. The expansionary fiscal stance has accelerated the pace of interest rate rises by the United States Federal Reserve (Fed), sparking episodes of turbulence in global financial markets and asset price adjustments. The federal deficit is expected to widen to about 5 per cent of GDP by 2019, and government debt will continue to rise relative to GDP for the next decade.

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