Inflation has been higher in Europe than in the United States because the region, including the United Kingdom, is a net importer of energy. The impact of last year’s spike in energy prices has been the main driver of the gap between the US and euro area economies, OECD chief economist Clare Lombardelli told reporters last week. Even so, the US economy is widely expected to grow at a much slower rate in the final months of the year as pandemic savings dwindle and borrowing costs remain at a 22-year high. The immediate explanations for the disparate fortunes of the world’s most advanced economies are differences in energy prices, pandemic-era stimulus and the pass-through of higher interest rates.īut there are also longer-term, structural factors playing into the divergence, which give the United States the upper hand. The IMF now expects US GDP to expand by 2.1% this year and 1.5% in 2024 - more than double the growth rates forecast for the UK economy and well ahead of the euro area, which is predicted to grow 0.7% this year and 1.2% next year. That followed similar moves by the Washington-based International Monetary Fund in October. Last month, the Paris-based Organisation for Economic Co-operation and Development became the latest intergovernmental body to upgrade its forecasts for US growth this year and next, while downgrading the outlook for the 20 countries that use the euro currency. The United States has powered ahead of the European Union, the United Kingdom, Japan, Canada and other advanced economies this year. “The US has really outperformed relative to other countries for the past year,” Innes McFee, chief global economist for Oxford Economics, told CNN. Gross domestic product in the United States grew at a remarkable 5.2% in the third quarter, ahead of China, long the engine of global growth. The world’s richest economies have taken diverging paths in recuperating from the devastating effects of Covid-19.Īt a time when multiple forces and crises - wars, geopolitical tensions, the pandemic’s lingering aftershocks, high inflation and steep borrowing costs - weigh on global growth, there have been few bright spots. This chart appears in the July 2019 Amber Waves article, “ Brazil Once Again Becomes the World’s Largest Beef Exporter.Not all pandemic recoveries are created equal. In comparison with Brazil, the United States ranks fourth in global beef exports and represented 14 percent of total beef exports in 2018. With an increase in the number of Brazil’s beef plants authorized to export to China, exports are expected to increase further in 2019 and over the next decade. China in 2012 lifted a Bovine Spongiform Encephalopathy (BSE)-related ban on Brazilian beef and has since become a top importer. China and Hong Kong remain the top two destinations for Brazil’s beef exports, accounting for 44 percent of Brazil’s total beef shipments in 2018. Increased beef demand worldwide has encouraged increased production. Moreover, USDA projects that Brazil will continue its export growth trajectory for the next decade, reaching 2.9 million metric tons, or 23 percent of the world’s total beef exports, by 2028. In 2018, Brazil was the world’s largest exporter of beef, providing close to 20 percent of total global beef exports, outpacing India, the second-largest exporter, by 527,000 metric tons carcass weight equivalent (CWE).
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