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:
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."
