## The Year in Review: Global Economy in 5 Charts

_IMF Blog, December 18, 2017_

## Source details

**Canonical URL:** [The Year in Review: Global Economy in 5 Charts](https://www.imf.org/en/blogs/articles/2017/12/18/the-year-in-review-global-economy-in-5-charts)

## Other formats

- [Markdown version](/en/blogs/articles/2017/12/18/the-year-in-review-global-economy-in-5-charts/index.md)
- [Structured JSON version](/en/blogs/articles/2017/12/18/the-year-in-review-global-economy-in-5-charts/index.json)
- [Bundle manifest](/en/blogs/articles/2017/12/18/the-year-in-review-global-economy-in-5-charts/bundle-manifest.json)

## Bibliographic details
- Authors: Oya Celasun, Gian Maria Milesi-Ferretti, Maurice Obstfeld
- Published: December 18, 2017

---

### Overview
- 2017 was marked by natural disasters, geopolitical tensions, and deep political divisions in many countries.
- On the economic front, 2017 is ending "on a high note," with GDP continuing to accelerate over much of the world in the broadest cyclical upswing since the start of the decade.
- The page presents five charts that summarize key aspects of the year's economic developments.

### Breadth of the 2017 Upswing
- Growth accelerated in about three quarters of countries—the highest share since 2010.
- Several countries with previously high unemployment, including some in the euro area, participated in the growth surge and experienced strong employment growth.
- Some large emerging market economies, such as Argentina, Brazil, and Russia, exited their recessions.
- In per capita terms:
  - Growth in almost half of emerging market and developing economies lagged behind advanced economies.
  - Almost a quarter of emerging market and developing economies have seen declines.
- Countries that struggled included fuel exporters and low-income economies suffering from civil strife or natural disasters.

### Trade and Investment
- Global trade growth rebounded from its slowest pace since 2001, other than during the recession of 2009.
- The rebound was boosted by a recovery in investment.
- Weak capital spending in the energy sector had been an important contributor to the weakness in global investment in 2016.

### Commodities and Prices
- Metal and fuel prices were supported by stronger momentum in global demand and supply restraints in the energy sector.
- Specific supply disruptions included hurricane-related stoppages in the United States, financial disruptions in Venezuela, and security problems in regions of Iraq.
- Futures prices indicated general stability or some moderation in prices going forward.
- Policy implication: Commodity exporters need to continue adjustment to lower revenues and diversify production and export mixes to build resilience and support future growth.

### Labor Markets and Wages
- Wage growth has remained puzzlingly tepid in advanced economies despite falling unemployment rates.
- Contributing factors include:
  - Continued slack in labor markets (still high unemployment in some countries or high levels of involuntary part-time unemployment).
  - Weak productivity growth.

### Financial Markets and Risk Appetite
- Equity valuations have continued their ascent and are near record highs.
- Central banks maintained accommodative monetary policy settings amid weak inflation.
- Low interest rates, an improved economic outlook, and increased risk appetite boosted asset prices and suppressed volatility (as measured by the VIX).
- While easier financial conditions bolstered growth momentum, they also pose risks if the search for yield extends too far.

### Looking Ahead — Policy Recommendations
- "Don’t let a good recovery go to waste."
- Policymakers should not be lulled into complacency by the current recovery; good times are most likely temporary.
- To ensure a more durable recovery, policymakers must seize the opportunity for reform.

### Upcoming Publication
- Stay tuned for the update to the World Economic Outlook on January 22, 2018.

*Source: The Year in Review: Global Economy in 5 Charts — Oya Celasun, Gian Maria Milesi-Ferretti, Maurice Obstfeld, December 18, 2017.*

---

## Content in this bundle

- **回顾2017 年：五张图表看清全球经济; IMF博客; 2017年12月18 日**
  - [回顾2017 年：五张图表看清全球经济; IMF博客; 2017年12月18 日 (Markdown version)](/external/chinese/np/blog/2017/122017c.pdf.md){rel="alternate" type="text/markdown"}
  - [回顾2017 年：五张图表看清全球经济; IMF博客; 2017年12月18 日 (PDF)](/external/chinese/np/blog/2017/122017c.pdf){rel="external" type="application/pdf"}
- **2017年を5つのグラフで振り返る**
  - [2017年を5つのグラフで振り返る (Markdown version)](/external/japanese/np/blog/2017/121817j.pdf.md){rel="alternate" type="text/markdown"}
  - [2017年を5つのグラフで振り返る (PDF)](/external/japanese/np/blog/2017/121817j.pdf){rel="external" type="application/pdf"}
- **Уходящий год: мировая экономика в виде пяти графиков**
  - [Уходящий год: мировая экономика в виде пяти графиков (Markdown version)](/external/russian/np/blog/2017/121817r.pdf.md){rel="alternate" type="text/markdown"}
  - [Уходящий год: мировая экономика в виде пяти графиков (PDF)](/external/russian/np/blog/2017/121817r.pdf){rel="external" type="application/pdf"}

---

## References

- [عربي](https://blog-montada.imf.org/?p=5729)
- [https://www.imf.org/wp-content/uploads/2017/12/shutterstock_allstars_Globe-on-blue-background.219786661_1024x600.jpg](https://www.imf.org/wp-content/uploads/2017/12/shutterstock_allstars_Globe-on-blue-background.219786661_1024x600.jpg)
- [https://www.imf.org/wp-content/uploads/2017/12/copy-eng-dec-18-1_maury-on-2017.jpg](https://www.imf.org/wp-content/uploads/2017/12/copy-eng-dec-18-1_maury-on-2017.jpg)
- [https://www.imf.org/wp-content/uploads/2017/12/IMF_Year-2017-in-5-Charts_cht2.jpg](https://www.imf.org/wp-content/uploads/2017/12/IMF_Year-2017-in-5-Charts_cht2.jpg)
- [trade](http://www.imf.org/en/News/Articles/2016/09/26/NA092716%20Keeping-the-Wheels-of-Trade-in-Motion)
- [weakness in global investment](http://www.imf.org/external/pubs/ft/weo/2016/01/)
- [https://www.imf.org/wp-content/uploads/2017/12/IMF_Year-2017-in-5-Charts_cht3.jpg](https://www.imf.org/wp-content/uploads/2017/12/IMF_Year-2017-in-5-Charts_cht3.jpg)
- [https://www.imf.org/wp-content/uploads/2017/12/IMF_Year-2017-in-5-Charts_cht4.jpg](https://www.imf.org/wp-content/uploads/2017/12/IMF_Year-2017-in-5-Charts_cht4.jpg)
- [Wage growth](https://blogs.imf.org/2017/09/27/the-disconnect-between-unemployment-and-wages/)
- [https://www.imf.org/wp-content/uploads/2017/12/IMF-Year-2017-in-5-Charts_cht5.jpg](https://www.imf.org/wp-content/uploads/2017/12/IMF-Year-2017-in-5-Charts_cht5.jpg)
- [global financial markets](http://www.imf.org/en/publications/gfsr)

_Source: https://www.imf.org/en/blogs/articles/2017/12/18/the-year-in-review-global-economy-in-5-charts_