The year kicked in with great vigor for the global economy. Although, the past times had seen a huge change across world 2018 indeed promised a recovery. US and China known for their powerful influence in the global economy have sheltered the growth of the global economy this year by 3.4%.
However, there are certain contributing factors that result in the global economic growth. Here are the some of the key factors that influenced the growth in the last 365 days.
- Brexit – The Brexit was rather a shock to the world than surprise. This turned the UK economy from the core bringing about a big change in stock markets, global trade and UK country as a whole. After Brexit, it took quite a long time for the economy to recover.
- The Donal Trump reign – Ever since Donald Trump was named as the US president there is certainly a lot of drama revolving around him. From his decisions, thought-provoking statements to the changing scenario of US – everything has been a big impact on the global economy. This is also because the US is one of the most influential countries impacting the growth globally.
- Demonetization & GST in India – India is one of the fastest growing economies in the world. The demonetization that took place in November 2016 has had a huge impact over the economy and slowed down its growth. Soon after that, GST was introduced impacting the growth and prosperity of the country majorly. India is still in its recovery from two major economic decisions.
- Falling exports of South Korea – South Korea recorded a huge rate of fall in its exports which calls for attention. The goods majorly imported by China and US were an indicator that there has been a fall of economic profit as well.
Global economic recovery seems to be on its way, but it has an uncomprehended future!