The world economy is having a moment. The International Monetary Fund, which released its latest economic outlook on Tuesday, is struggling to find things to worry about over the short term. “The global economic upswing that began around mid-2016 has become broader and stronger,” Maurice Obstfeld says in the introduction to the spring edition of the World Economic Outlook (WEO).
Advanced economies such as the United States and Germany are riding a wave of investment that’s stoking global trade, which is in turn helping big emerging markets such as Brazil and India pull out of slumps. The IMF predicts oil prices will average about US$62 a barrel in 2018, compared with an estimate of about US$52 a barrel in October. That will boost energy exporters, and it shouldn’t unduly burden importers.
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