Over the course of 2019 global economic growth declined sharply. After peaking in mid-2018, the global economy slowed down considerably and grew at a rate that was well below the historical average and the weakest since the global financial crisis (see Chart 1). This global slowdown was broad-based and synchronised across countries. In large advanced economies such as the United States, the United Kingdom and Japan, this reflected a decrease from above average rates of growth. In China, growth declined to the lowest rate since 1990 and was around its currently estimated potential rate. Across other large emerging market economies, growth was generally lacklustre, partly reflecting a slow recovery from recent recessions.
According to an analysis based on synthetic labour market indicators, the level of labour market activity was close to its precrisis peak in the second quarter of 2019. In addition, labour market momentum remained above its long-term average, although it has recently moderated somewhat.[6] The good labour market performance occurred against the background of continued increases in labour supply, which in part reflected the higher participation of older workers resulting from previous reforms that increased the statutory pension age.[7]
ABS Edge Banding Market Global analysis from 2019 to 2024 explored in latest research
In 2019, G20 discussions under the Japanese Presidency focused on the outlook for the global economy and the policy measures that can be used to address a synchronised slowdown amid geopolitical uncertainties, trade conflicts and diminishing room for manoeuvre for macroeconomic policies. Trade tensions were discussed in each G20 meeting, though with limited progress. While leaders shared concerns about the risks to the global economy, they were divided on a number of topics, including the need for further action on climate change. The G20 continued its efforts to foster strong, sustainable, inclusive and balanced growth to improve the medium-term economic outlook. The group acknowledged progress in the financial regulatory reform agenda but also identified challenges still to be addressed, including the risks from growing non-bank financial intermediation. The G20 fostered considerable progress in international tax cooperation, with the aim of finalising an agreement by the end of 2020. 2ff7e9595c
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