► Try the Financial Times for 4 weeks for just £1. Start your trial now –
Market turmoil is softening global economy a sputtering germany and a budget-busting italian government a trade war and not least the continuing fallout from the uk’s breton this is 2018 the year that was in economics it all started so well growth was strengthening everywhere except here in rex in britain but then in january the world bank cautioned that things
Might be too good to last this sounded e aurash after a record of being too optimistic perhaps the guardians of the world economy were now guilty of too much pessimism well sometimes your is right february opened with a violent few days in global markets stocks tumbled volatility surged bitcoin tumbled – in march an election took place in italy that put an end
To three months of uncertainty that it’s spooked investors what did it the winners were the right-wing populists of the league and the left anti-establishment 5 star movement their views of the economy were not exactly the fiscal responsibility markets tend to life in general a common shari pasta romantico – economic game italia he is pants eva this was like
Coming out of political limbo only to be dropped into political purgatory apart from that it was a quiet month of march move on people nothing to see here just the leader of the free world slapping a 25% tariff on steel and aluminium imports the president has said were not afraid of getting into a trade war reassuring words there having said that that’s not our
Goal well a trade war might not have been america’s goal but well now my vanishing way shivan woody mei bao yin don’t banish you sure hey jia jia’s horace endo jerome’s humanity ago joshua banshee should all do the job the early summer echoed the emerging markets crises from the 1880s and the 1990s and the early 2000s argentina needed to ask the imf for help
Again suppo engracia todo paisa del mundo on the ak-12 on the monitor internacional no co no somos un sol ejemplos yasha terminado bien para lo que la orana masseria popularity meanwhile trump’s belligerent trade rhetoric was intensifying in june he threatened higher tariffs on european cars but the costs of protectionism was starting to bite at home american
Factories were facing steel prices in the u.s. that were outpacing those in other countries the rising trade tensions that we see before us they risk a major economic impact but the tax cut passed at the end of 2017 continue to give the us economy fairwinds in july donald trump hailed the fastest us growth rate since 2014 boasting that the numbers were very very
Sustainable and that the u.s. was the economic envy of the entire world at the u.s. president’s assessment of his own record isn’t the most reliable listen instead to my esteemed colleague martin wolf who called trump and i quote a dangerous enormous and he accused the president of causing global chaos with his tariffs politics another month another emerging
Market crisis this time it was turkeys turn after a long credit fuelled boom foreign lenders pulled the plug and the turkish lira plunged by 12% in a single day it’s probably going to get to the point where the imf is the only way that we’re going to see stability in the the turkish economy the populist coalition that had won the italian election put together
A budget to fund its expensive election promises but there’s a tempered budget badly defied eu budget rules by expanding the deficit pegasion de el de la pena de marrón de kaki pencil is regular capered attempt over de dinero que non siamo despacio thorn are in the eighth row within weeks the european commission for the first i’m used its power to reject a
National budget this conflict took its toll on the european economy the third quarter growth numbers slowing sharply to its slowest rate in four years but that wasn’t the only problem new emissions tests hitting german car production was weighing on industrial production in europe’s heartland and further afield china revealed its slowest growth rate in nearly
A decade all this bad news prompted a slump in global equity prices in october and stock prices continued to sag throughout the rest of the year german car troubles and trade tensions that caused the euro zone’s economic powerhouse to shrink for the first time in three years but still maybe the european economy could take this in its stride as long as there was
Nothing else to destabilize it oh wait every time teresa mae makes a decision someone seems to resign in november she finally agreed a brexit deal with the eu prompting several cabinet ministers to depart and it didn’t stop there with the realities of wrecks it finally dawning on mps just months before the leaving date all factions of the house of commons ganged
Up to attack the prime minister as what my right honourable friend says and what my right uncle fred does no longer match should i not write to my right uncle friend the member for altrincham and sail west fighting torque from the right honourable member for north east somerset it’s a reference to the letters expressing no confidence in the prime minister which
After a few false starts in december reached the required number of 48 to trigger a vote on a leadership of the conservative party sterling had started behaving like an emerging market currency at least in terms of its volatility in some rare good news for the prime minister theresa may managed to beat back a leadership challenge from her own party but the uk’s
Future remains highly uncertain the political and economic risks are all still in place in every region of the globe the caution at the start of the year they have proved wise global growth before badda quickly but nothing more and the momentum from the start of the year has clearly been lost and as 2018 turns into 2019 it is much easier to see things getting
Worse than to see them get better
Transcribed from video
2018 in economics: from market turmoil, to trade war and Brexit By Financial Times
