IFS Green Budget 2019

Document type
Emmerson, Carl; Farquharson, Christine; Johnson, Paul
Institute for Fiscal Studies
Date of publication
8 October 2019
Social Policy
Social welfare
Material type

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The global growth outlook has deteriorated. Having grown by an above-average 3.2% in 2018, world output growth looks set to fall to below-average 2.8% in 2019 and stay there in 2020. The downturn is spread across advanced economies and emerging markets, but focused on the manufacturing hubs so far. China’s rebalancing hurts its supply chains. Export and investment-led growth allowed China to become the world’s second economy, but reached financial and environmental limits. The inevitable shift towards domestic consumption and innovation slows growth in China and its supply chains, including Germany and Japan.

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