Don’t look now, but the entire planet could be on the brink of a recession. And guess what. One American idiot is largely to blame.
The OECD projects the world economy will grow just 2.9% in 2019, which would be the lowest forecast since 2009. In 2020, growth is predicted to inch up to 3%. Just 18 months ago, the organization still expected 4% growth.
According to the IMF, global growth of 3 percent or less means the world economy is in a recession. And while it’s impossible to pin all the blame on just one person when the economy curdles, the poo-flinging orange ape is clearly the No. 1 disease vector.
The US-China trade war and its impact on global manufacturing and trade growth are to blame for this bleak forecast, according to the OECD. Brexit also remains a big question mark, and the slowdown of China's massive economy presents its own set of challenges for the world.
The ongoing trade tensions are also weighing on business investments and confidence, which just adds to the uncertainty. The sluggish business investment has created an investment gap that will have a long-term and structural impact on growth, according to OECD chief economist Laurence Boone. This could mean slower growth becomes the new normal.
Who could have ever predicted this? Other than anyone who’s ever taken an economics 101 class, that is.
Maybe Jared Kushner can browse Amazon for another White House economic adviser or two. Couldn’t hurt. Then again, knowing this merry retinue of rejects, it couldn’t help much either.
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