05
The FRR in its economic environment
Annual GDP growth: world, developed countries and emerging countries between 1990 and 2016
19 90
19 91
19 92
19 93
19 94
19 95
19 96
19 97
19 98
19 99
20 00
20 01
20 02
20 03
20 04
20 05
20 06
20 07
20 08
20 09
20 10
20 11
20 12
20 13
20 14
20 15
20 16
Emerging economies Developed economies World
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
A STEADIER ECONOMIC SITUATION Despite a tumultuous start to the year notable for concerns about the Chinese economy (fears of a hard landing and devaluation of the yuan) and the situation for commodity-producing countries, global economic growth is ultimately thought to have been +3.1% in 2016, down very slightly (-0.1%) on 2015 by the International Monetary Fund s estimates.
Developed countries grew by 1.6% as opposed to 2.1% in 2015. The rate in emerging countries was stable at +4.1%. This is good news as growth had been slowing in the emerging world since 2010. According to the IMF, it should rebound in 2017 to reach around 4.5%.
Source: Datastream, IMF.
In developed countries, the slower pace of growth was largely attributable to the United States, which experienced quite a considerable slowdown in the first half of the year. The world s biggest economy suffered from the past appreciation of the dollar, which had gained 17% between mid 2014 and the end of
2015, softer demand from emerging countries,
and the energy industry s adjustment to the
sharp drop in oil prices.
However, the US economy found a new lease of
life in the second half of the year, largely on
account of robust consumer spending and a