Global economic growth is solid and broad-based, but the outlook is subject to considerable risk from escalating trade tensions. The expansion has been underpinned by an upswing in world trade and business investment (Chart 1). In the United States, new government spending plans, in addition to previously announced tax cuts, are expected to boost growth over the next few years. The growth outlook for most other regions is also modestly stronger than anticipated in the January Monetary Policy Report. Global growth is expected to ease from around 33 /4 per cent in 2018 to about 31 /2 per cent in 2020 (Table 1). This ... (full story)