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The World Is Leaning Less on Its Biggest Economy to Sustain the Recovery

Drivers of growth are shifting to Canada, the euro area, China and Japan

The U.S. is fading as the global growth engine, according to the International Monetary Fund. While the IMF left its forecast for global growth unchanged at 3.5 percent in the latest quarterly update of its 2017 World Economic Outlook, Canada is leading the way among Group of Seven countries with a more than half a percentage point gain. The IMF report noted that "U.S. growth projections are lower than in April, primarily reflecting the assumption that fiscal policy will be less expansionary going forward than previously anticipated."

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