MAPI report: Global economic growth slowing

Mounting concerns over the U.S. economic outlook, along with evidence of slowing in other key countries, suggest that 2008 will be a volatile and uncertain year for the global economy, according to a new report.

Economist Cliff Waldman’s report for the Manufacturing Alliance/MAPI

“U.S. weakness has a negative impact on the export prospects of many key countries that depend on external demand for growth,” Waldman said.

At present, exports may, however, provide a bit of good news for the United States.

Growth in non-U.S. industrialized countries, which include Canada, Western Europe and Japan, is expected to slow from 2.4% during the fourth quarter of 2007 to 2.2% during the first quarter of 2008 and then 1.9% for the balance of 2008.

Due to expected slowdowns in China, India, and Mexico, growth in developing economies is expected to slow from an estimated 5.4% during the fourth quarter of 2007 and first half of 2008 to 5.3% during the second half of 2008.

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