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Illustration: Sam Jayne / Axios

For all the worldwide worries, a fascinating and rare trend is unfolding around the globe: synchronized growth.

President Trump and many other global leaders are basically boosting each other with their expanding economies and increased spending at home. It's very unusual for the world's biggest economies to grow all at once — and this phenomenon has no doubt helped boost U.S. markets.

  • CNN's Fareed Zakaria, in an interview with us about transcendent global forces, calls it the "extraordinary" trend of a "synchronized global recovery" that could well continue into 2018 and beyond.

Check out the Q3 growth rates of the world's 10 largest economies:

  1. U.S.: 3.3%
  2. China: 6.9%
  3. Japan: 2.5%
  4. Germany: .8%
  5. U.K.: .4%
  6. India: 6.3%
  7. France: .5%
  8. Brazil: .1%
  9. Italy: .4%
  10. Canada: 1.7%

There are many reasons/theories for simultaneous growth:

  • The United States, Europe and others spent heavily to pull out of the 2007 recession. Around the same time, Japan finally pulled out of its long funk. Turns out, goosing spending helps, at least in short-term.
  • You wouldn't guess it from media coverage, but the world is more peaceful than usual. Even terrorist attacks are down — by double-digits.
  • Many of the emerging growth markets, like Indonesia, are governed by market- and trade-friendly economic reformers, juicing spending.
  • JPMorgan Chase CEO Jamie Dimon told us in Michigan last week that another reason has been the slow but sustained growth in the U.S., which has — little by little — helped lift other nations.

Bullish at the top: Dimon says we "could have years of more global growth."White House economic adviser Gary Cohn told us to expect a lot more growth at home next year, especially with the tax cuts in place. He sees a continued rally "based on real, underlying fundamentals of the economy — the U.S. economy as well as European economy and global economy," plus the new tax incentives.Be smart: Economics is like politics: Everyone has an opinion, but everyone is guessing.Be watchful: The same force that pulled the world out of an economic funk — sustained if anemic growth in the U.S., and robust growth in China — could turn and pull others down.Between now and New Year's Day, Axios CEO Jim VandeHei and I will bring AM readers our year-end thoughts on the topics that matter most. Sign up here.

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Go deeper

Axios-Ipsos poll: People of color face more environmental threats

Expand chart
Data: Axios/Ipsos poll; Note: ±2.5% margin of error; Chart: Sara Wise/Axios

Americans of color are much less likely than white Americans to experience good air quality or tap water or enough trees or green space in their communities, and they're more likely to face noise pollution and litter, a new Axios-Ipsos poll finds.

The big picture: Our national survey shows Black and Hispanic Americans are more likely than their white counterparts to live near major highways or industrial or manufacturing plants — and to have dealt in the past year with water-boil notices or power outages lasting more than 24 hours.

15 hours ago - Health

FDA advisory panel recommends Pfizer boosters for those 65 and older

A healthcare worker prepares a dose of the Pfizer-BioNTech Covid-19 vaccine at the Key Biscayne Community Center on Aug. 24, 2021. Photo: Eva Marie Uzcategui/Bloomberg via Getty Images

A key Food and Drug Administration advisory panel on Friday overwhelmingly voted against recommending Pfizer vaccine booster shots for younger Americans, but unanimously recommended approving the third shots for individuals 65 and older, as well as those at high-risk of severe COVID-19.

Why it matters: While the votes are non-binding, and the FDA must still make a final decision, Friday's move pours cold water on the Biden administration's plan to begin administering boosters to most individuals who received the Pfizer vaccine later this month.

15 hours ago - World

France recalls ambassadors from U.S. and Australia over submarine deal

Secretary of State Antony Blinken (L), French Foreign Minister Jean-Yves Le Drian (C), and French ambassador to the U.S. Philippe Etienne. Photo: Nicholas Kamm/AFP via Getty Images

France has taken the extraordinary step of recalling its ambassadors to the U.S. and Australia after both countries blindsided their French allies with a new military pact and submarine contract, the French Foreign Ministry announced on Friday.

The backstory: While sealing an agreement with the U.S. and U.K. to acquire nuclear submarines, Australia ripped up an existing $90 billion submarine deal with France. That led senior French officials to accuse the U.S. of a "stab in the back."