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Identify the main trends in the contemporary world economy and the issues to which they give...

Identify the main trends in the contemporary world economy and the issues to which they give rise. Consider as you do this the problems that are confronted in trying to forecast the future of the world economy.

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Answer #1

The recent World Economic Outlook report by IMF states that global economic activity continues to firm up. Global output in 2017 has grown faster than the projected growth rate of the output. The pick up has been broad based even though there were some surprises and uncertain events in Europe and Asia. The report also states that the global growth forecasts for 2018 and 2019 has been revised upwards. This has been mainly because of increased global growth momentum and also recently approved tax policy changes by the government of the United States.

Some problems related to the uncertainties arise in forecasting the future of the world economy. Some of the uncertainty in the European economy still prevails due to Bre exit. Thus, these uncertainties cannot be easily forecasted while calculating the projected growth rate of the world economy.

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