Economic Trends

The world economy experienced a robust upturn in all regions in 2017. According to the International Monetary Fund (IMF), global GDP grew 3.7 percent in 2017 (2016: 3.2 percent).

Amongst the advanced economies, many countries experienced better-than-expected domestic demand, which supported growth. Japan and the eurozone also benefited from increased investment spending and higher exports.

GDP Trends in 2017

Sources – worldwide: IMF; Asia: ADB; China: National Bureau of Statistics; India: NCAER National Council of Applied Economic Research; Japan: IMF; USA: IMF; Europe: OECD

In developing and emerging economies, GDP likewise rose substantially relative to 2016. Higher exports lifted momentum in commodity-exporting countries, such as Brazil and Russia. In China, domestic consumption powered growth. Many other Asian countries also posted strong GDP gains. Momentum there, according to the Asian Development Bank (ADB), came from both domestic consumption and exports. The Indian economy, on the other hand, slowed somewhat during the year. One reason for this, according to the ADB, was the national goods and services tax (GST) introduced mid-year.