Monthly economic update
November 2019

GLOBAL ECONOMIC HEALTH
 

The United Kingdom missed its Halloween deadline for a Brexit. Prime Minister Boris Johnson and representatives of the European Union crafted a revised Brexit agreement during the month, yet while Parliament voted in favor of the deal, lawmakers requested more time to review all its details. Per the U.K.’s request, the E.U. pushed the Brexit deadline ahead to January 31, while stating that this extension would be the last.9

The World Bank sees China’s gross domestic product (GDP) at just 6.1% for 2019; that would be a slip of 0.5% from 2018. It estimates that economic growth in the Asia-Pacific region will weaken to 5.8% for 2019, with trade tensions being the prime factor, and dip further to 5.7% for 2020 and 5.6% in 2021. The region grew 6.3% last year.10

Some foreign economies seem to be losing momentum. The U.K.’s economy just contracted for the first time in seven years. Germany, Mexico, and Brazil are on the cusp of recessions, and the economies of Italy and Hong Kong have both entered recessionary phases. The International Monetary Fund sees the global economy expanding just 3.0% this year, and that would make 2019 the poorest year for world GDP since 2008.11

CITATIONS:

9 - cnbc.com/2019/10/28/the-eu-discusses-three-month-brexit-extension.html [10/28/19]

10 - reuters.com/article/us-asia-economy/asia-pacific-2019-growth-to-slow-to-5-8-on-trade-tensions-world-bank-idUSKBN1WP0DS [10/9/19]

11 - forbes.com/sites/sergeiklebnikov/2019/10/28/here-are-the-countries-on-the-brink-of-recession-going-into-2020 [10/28/19]

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