Spanish Minister of Economic Affairs talking with the German Chief of Staff and acting finance minister. Photo: Thierry Monasse/Getty Images

The world may finally be getting out of a global downturn, according to NYT's Peter Goodman. "For the first time since the financial crisis a decade ago, all of the world’s major economies are growing," he writes.

Why it matters: "The world is now enjoying a positive feedback loop, with growing business confidence leading to more hiring, delivering gains in consumer spending. More money in consumer pockets gives businesses more reason to expand," Goodman notes.

Factors that have led to this growth:

  • United States: "[G]overnment spending unleashed during the previous administration, plus a recent $1.5 trillion shot of tax cuts."
  • Europe: Benefitting from "the effects of cheap money pumped out by its central bank."
  • "China has diminished fears of an abrupt halt to its decades-long growth trajectory."
  • Russia and the Middle East: rising oil prices
  • Mexico has "transcended fears that menacing trade rhetoric from the Trump administration would dent its economy"
  • Poland and Brazil have seen an increase in the number of online job listings

What they're saying: As Barret Kupelian, senior economist in the London office of PwC, told NYT: “If something bad happens in one economy, the fact that global growth is spread gives you more assurance that this is more sustainable.”

But, but, but: "Many economists are skeptical that the benefits of growth will reach beyond the educated, affluent, politically connected class that has captured most of the spoils in many countries and left behind working people whose wages have stagnated even as jobless rates have plunged."

Go deeper

Amy Harder, author of Generate
8 mins ago - Energy & Environment

Climate change goes mainstream in presidential debate

Photo illustration: Aïda Amer/Axios. Photo: Olivier Douliery-Pool/Getty

The most notable part of Thursday’s presidential debate on climate change was the fact it was included as a topic and assumed as a fact.

The big picture: This is the first time in U.S. presidential history that climate change was a featured issue at a debate. It signals how the problem has become part of the fabric of our society. More extreme weather, like the wildfires ravaging Colorado, is pushing the topic to the front-burner.

Finally, a real debate

Photo: Morry Gash/AP

A more disciplined President Trump held back from the rowdy interruptions at tonight's debate in Nashville, while making some assertions so outlandish that Joe Biden chuckled and even closed his eyes.

  • A Trump campaign adviser told Axios: "He finally listened." 

The result: A real debate.

Biden to Trump: "I have not taken a penny from any foreign source ever in my life"

Former VP Joe Biden pushed back Thursday against allegations from President Trump, saying he had never profited from foreign sources. "Nothing was unethical," Biden told debate moderator Kristen Welker about his son Hunter's work in Ukraine while he was vice president.

Why it matters: Earlier on Thursday, Hunter Biden's former business partner, Tony Bobulinski, released a statement saying Joe Biden's claims that he never discussed overseas business dealings with his son were "false."

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