World GDP growth to pick up from 2.9% in 2019 to 3.2% in 2020, driven by stronger emerging markets growth
SANTA CLARA, Calif., Jan. 30, 2020 /PRNewswire/ — In 2019, the global economy witnessed a substantial amount of turbulence, with intensified trade wars and Brexit delays influencing the growth story tremendously. Due to these past occurrences, many businesses are questioning whether 2020 will bring continued volatility or positive global economic prospects. Despite this uncertainty, the 2020 economic sentiment appears to be much more positive with higher growth expected from emerging markets, a trade war ceasefire scenario, fiscal and monetary stimulus measures and other factors.
Frost & Sullivan – 2020 Global Economic Outlook
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“Global growth prospects have made noticeable upward movement in recent weeks following the finalization of a Phase 1 US-China trade deal, coupled with Brexit set to take place by January 31, 2020, without any further delays,” said Thomas. “Nonetheless, pressure will remain from prolonged trade wars that are disrupting global supply chains.”
Regional insights you don’t want to miss:
Asia: China’s growth slowdown will continue into 2020, while notable recovery is expected for India in fiscal 2020-21, supported by corporate tax cuts and other stimulus measures. Further interest rate cuts are expected in both countries in 2020.
Americas: Companies from Mexico and Canada have the ability to tap into export opportunities to the US, as exporting from China to the US becomes costlier with additional tariffs; Canada and Mexico also enjoy free trade advantages from the North American Free Trade Agreement.
Europe: Germany and Italy are expected to remain under pressure from trade conflicts, given the export dependency of their economies. The UK and the EU will begin to work out details of their future trading relationship in the next few months, with free trade conditions to remain unchanged during the transition period in 2020.
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