EIU Reduces 2003 Global Economic Forecast

Jan. 13, 2005
By John S. McClenahen The global economy will remain sluggish during the first half of 2003 as excess capacity, high personal debt levels, weak confidence and high oil prices dampen private-sector demand, says the Economist Intelligence Unit (EIU), a ...
ByJohn S. McClenahen The global economy will remain sluggish during the first half of 2003 as excess capacity, high personal debt levels, weak confidence and high oil prices dampen private-sector demand, says the Economist Intelligence Unit (EIU), a business unit of the London-based Economist group. A result will be average GDP growth of 3.1% for 2003, down a tenth of a percentage point from EIU's mid-January forecast of 3.2%. Unlike many other forecasts, EIU figures GDP on a so-called purchasing-power-parity basis, which takes into account differences in currency exchange rates. "But a return to a more normal rate of growth in most major markets by late 2003 or early 2004 suggests that world GDP will average a far healthier 3.8% in 2004," EIU relates.

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!