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Expectations for the Future Global Economy - 7/21/15

Coming into the year, the International Monetary Fund and a number of other global organizations indicated reasonably high hopes for the global economy.  However, sovereign debt issues plaguing Europe, softer economic growth than is normal in China and a weak start to the year in the U.S. have conspired to ratchet down expectations. 

In April, the International Monetary Fund had predicted that twenty fifteen would be associated with three point five percent growth globally.  The latest forecast calls for three point three percent growth.  The outlook for U.S. economic growth in twenty fifteen has also been downgraded, from April’s three point one percent forecast to two point five percent more recently.  Last year, the U.S. economy expanded two point four percent. 

The Fund also trimmed this year’s respective outlooks for Mexico and Canada.  Forecasters seemingly always expect the next year to be better.  In fact, the International Monetary Fund expects the U.S. economy to expand three percent in twenty sixteen, and the global economy to grow by three point eight percent.  In an Associated Press article, International Monetary Fund leadership downplayed the magnitude of impact associated with events in Greece and China.

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.