Economists say the world is largely recovering from the Great Recession of 2008. While many countries are once again reporting growth, storm clouds are still gathering on the horizon. CCTV’s Bianca Davies reports.
When nations clash on a football field, the injuries are mostly accidental and non-fatal. Economists like showdowns of the World Cup variety, because peace tends to be good for business. Unfortunately, the good times might be short-lived. The Conference Board, one of the oldest research firms in the U.S., expects the global economy to stall due to a number of reasons, but not panic.
“China will remain a very rapidly growing market, even seven percent or six percent is faster than most of the global economies. It is a huge economy. So I do not think it will be a big concern if it gradually slows,” said Bart Van Ark, Chief Economist of the Conference Board.
Even if China surges past the U.S. as the world’s number one economy this year, as predicted, the Conference Board says slower growth for the next decade is unavoidable because of global trends like falling birth rates and aging populations.