Q3 2018 Global Economic Overview

Global economic growth continued to be strong in the third quarter of 2018, with some trend differences among countries. The U.S. economy continued to experience strong GDP growth mostly as a result of reduced tax rates. However, the strengthening U.S. dollar, central bank monetary tightening and related interest rate increases as well as trade tensions (especially U.S./China) weighed on business sentiment. The settlement of the new NAFTA trade agreement (now called USMCA) brought some market relief. However, economic dynamics are slowing in China and the Eurozone, while Japan is countering this trend due to rising consumption growth, increased capital expenditures, and continued monetary easing.

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