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The global economic outlook: it’s not all gloom

The biggest risks come more from politics than economics

Flooding in Japan has affected the country’s industry. Photo: STR/AFP/GETTY IMAGES

Global economic momentum at the start of 2018 was good—at the end, less so. 2017 saw the strongest global growth in a decade and a simultaneous expansion in all the world’s major regions. At the beginning of 2018, that pattern looked set to continue.

In recent months, however, European growth has come off the boil, and an escalating trade war and outbursts of instability in Turkey and Argentina, combined with rising US interest rates, have spooked markets. Global…

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