Following holding their International Trade Observatory summit in Athens, Euler Hermes released their latest economic data.
The data found that global growth shifted up a gear during Quarter Two of 2017, particularly in the US, the Eurozone, China and Japan. Euler Hermes confirmed its 2017 and 2018 global growth forecasts at around +3% mainly due to the strong cyclical recovery in Europe. The data also found that global trade is rebounding in value terms in 2017 at +7.0%, after two consecutive years of contraction, and this trend should continue with trade expected to grow by +5.7% in 2018.
Katharina Utermöhl, Senior Economist Europe for Euler Hermes and Allianz said “The global economy is experiencing the broadest synchronized upswing in a decade. Economic growth surprised on the upside in the first half of 2017 with stronger consumption and investment growth. Moreover, global trade, despite the protectionist rhetoric, has staged a comeback with economies open to trade and innovation benefiting the most.”
“For 2018 the economic outlook remains bright in light of reduced political uncertainty, rising employment and the upbeat investment outlook due to growing capacity constraints. The normalization of monetary policy is unlikely to derail the strong economic momentum, not least since any pull back from the major central banks should be gradual at best with inflation still below target in many economies.”
We think that this is positive news here at The Channel Partnership and we are looking forward to seeing whether the forecasts for global growth come into fruition.