6.4 C
London
Sunday, December 22, 2024
HomeBusinessAmid slowing economies, what are India and rest of Asia doing

Amid slowing economies, what are India and rest of Asia doing

Related stories

J&K police release list of seized assets used for terrorism

Jammu, Feb 16 : The police in Jammu and...

Israel says 4 mln citizens vaccinated against Covid-19

Jerusalem, Feb 17 : Israeli officials announced that some...

Hungary to receive first shipment of Chinese vaccines

Beijing, Feb 17 : A Hungarian cargo plane loaded...

Singapore City: The world markets have recently been taken on a roller coaster ride by the President of the world’s largest economy. They have been bobbing up and down, depending on his unpredictable pronouncements on Twitter.
More specifically, the resolution of the US-China trade dispute seems to be following an unending cycle of optimism followed pessimism with no certainty that it will be solved anytime soon.
Over the years, the world has become a more and more connected place. Trade has brought countries closer and increased overall global wealth faster than ever before. The 74 years since the Second World War has arguably seen the longest period of relative global peace ever in history. One significant reason is that many countries have found a common purpose in elevating the standard of living of their citizens by trading and have much to lose if they settled disputes by force.
However, trade growth is slowing. The World Trade Organisation (WT)) economist said that due to rising trade tensions and increasing economic uncertainty, they expect global merchandise trade volume to grow by 2.6 percent this year down from 3 percent in 2018. This is well below the 10-year average of 3.8 percent. Weak import demand in Europe and Asia was cited as the reason for lower global trade volume growth. They, however, said that trade growth could be restored to the 3 percent level in 2020 but cautioned that trade tensions pose the greatest risk to this forecast.
The overall effect of his uncertainty is causing economic growth to stagnate in many countries, investments to falter, and people to fear for their jobs.
Although the US-China trade war has a large part to play in this, some economists have observed that Asian and European economies were already entering a cycle of decelerating growth even before the first salvo was fired between the two largest economies in the world.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories