The latest news from U.S. News and World Report is a mixed bag for those looking for good news about the world economy. What they have said is that while world economic growth has reached levels not seen in approximately seven years, the level of growth going forward is not expected to keep up at that pace at all.
The Organization for Economic Co-Operation and Development (OECD) is the group that came out with this report. They stated in the report that the growth levels were indeed strong, but that things like wages remained stuck in the mud. The group put out a growth project of 3.7 percent for 2018 and 3.6 percent for 2019. These rates are higher than what we have seen in a lot of cases, but the group cautions that they are relatively modest compared to standards from decades past.
The OECD said that its forecasts carry with them some doubt as it is not yet clear what kind of tax policy (if any) will emerge from Congress and the White House. That tax policy could certainly stir things up at least domestically for a while in the United States.
Forecasts for most of Europe look pretty rosy in the eyes of the OECD. The main issue with economic growth in Europe is the United Kingdom. Since their vote to exit the European Union, the country has been floundering on the world economic stage. There is still so much to be hashed out between the United Kingdom and the rest of Europe in regards to how this exit will happen. It remains unclear to this point what the next step will be.