Has the World Economy Reached Peak Growth?
The last decade has been a sharp rebuke to the idea of a more integrated, and increasingly frictionless, global economy. Borders, nationalism, tariffs, and even trade wars are back in fashion. Global growth weakened considerably in 2019 as trade wars and weakening growth in China negatively impacted growth. In many parts of the world, the manufacturing sectors were either in recession or close to recession territory. In response, many central banks began to loosen monetary policy – rather than tighten as had been expected a year ago – with some countries (notably China and the United States) providing additional stimulus as well. This situation raises a pertinent question: has the world economy reached peak growth?
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