Not all pandemic recoveries are created equal. The world’s richest economies have taken diverging paths in recuperating from the devastating effects of Covid-19. At a time when multiple forces and crises — wars, geopolitical tensions, the pandemic’s lingering aftershocks, high inflation and steep borrowing costs — weigh on global growth, there have been few bright spots. The US economy is one of them. Gross domestic product in the United States grew at a remarkable 5.2% in the third quarter, ahead of China, long the engine of global growth. “The US has really outperformed relative to other countries for the past year,” Innes McFee, chief global economist for Oxford Economics, told CNN. The United States has powered ahead of the European Union, the United Kingdom, Japan, Canada and other advanced economies this year. Last month, the Paris-based Organisation for Economic Co-operation and Development became the latest intergovernmental body to upgrade its forecasts for US growth this year and next, while downgrading the outlook for the 20 countries that use the euro currency. Read more...
