Combined gross national product of all the countries in the world, "Report for selected country groups and subjects", "Estimating World GDP, One Million B.C. The ECB announced that it will taper its monthly asset purchases from the current €30 billion to €15 billion in October, with an anticipated end to the program on December 31. Financial conditions remain generally supportive of growth, though there has been differentiation across countries based on economic fundamentals and political uncertainty. The IMF Press Center is a password-protected site for working journalists. Without comprehensive measures to raise potential output and ensure the benefits are shared by all, disenchantment with existing economic arrangements could well fuel further support for growth-detracting inward-looking policies. Among other advanced economies, in late May Italian sovereign spreads widened by their largest amount since 2012, following difficulties around the formation of a new government. While the baseline forecast for the global economy points to continued, if less even expansion in 2018–19, the potential for disappointments has increased. Industrial production, however, appears to have softened, and survey data of purchasing managers in manufacturing indicate a weakening of new export orders. As of early January 2018, the U.S. dollar and the euro remain close to their August 2017 level in real effective terms. While the baseline forecast for global growth is roughly unchanged, the balance of risks has shifted to the downside in the near term and, as in the April 2018 WEO, remains skewed to the downside in the medium term. After the February spike, volatility has subsided and risk appetite has been strong. The gross world product (GWP) is the combined gross national income of all the countries in … Largely reflecting supply shortfalls, global oil prices increased 16 percent between February 2018 (the reference period for the April 2018 WEO) and early June 2018 (the reference period for the July 2018 WEO Update). Downside risks, on the other hand, have become more salient, most notably the possibilities of escalating and sustained trade actions, and of tighter global financial conditions. The region continues to account for over half of world growth. World Economic Forum reports may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use. The baseline forecast envisions a 5.2 percent contraction in global GDP in 2020—the deepest global recession in decades.
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