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Jakarta Post

The direction of global economic recovery

After the first quarter of 2017, there are a few indicators supporting an optimistic view on global economic development.

Tri Winarno (The Jakarta Post)
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Jakarta
Mon, May 8, 2017

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The direction of global economic recovery In this Wednesday, March 29, 2017, photo, people walk near the Comcast Innovation and Technology Center under construction, middle, and the Comcast Center, center right, in Philadelphia. On Friday, April 28, 2017, the Commerce Department issues the first of three estimates of how the U.S. economy performed in the January-March quarter. (AP/Matt Rourke)

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fter Brexit and the inauguration of Donald Trump as the United States’ 45th president, the global economy is facing significant challenges. Various stakeholders, such as market players, feel very anxious about the future prospects of the global economy, the impact of which will definitely creep into the performance of the national economy.

However, after the first quarter of 2017, there are a few indicators supporting an optimistic view on global economic development.

The first indicator is the US economic recovery. After a long and slow recovery from a recession that began a decade ago, the US economy is now booming. The labor market is at full employment, the inflation rate is rising and households are optimistic. The economy is poised for stronger growth in the year ahead.

The country’s overall unemployment rate is just 4.7 percent, while unemployment among college graduates is only 2.4 percent. Average hourly earnings are 2.8 percent higher than they were a year ago. The tight labor market and rising wages are encouraging individuals who had stopped looking for work to return to the labor force. 

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