The world economy’s winners and losers in 2015

When the final numbers are tallied, 2015 will probably count as another disappointing year for global growth.
The muted performance came even as central banks continued to pump in liquidity, oil prices plunged again and inflation was moderate.

It was also a year of divergent performers. While tumbling commodity prices took the shine off big emerging markets Russia and Brazil, other emerging economies like India and Vietnam surprised on the upside. In the developed world, robust US jobs growth prompted the Federal Reserve to tighten monetary policy for the first time since 2006, while the gloom around neighboring Canada deepened.

With the year drawing to a close, here’s a look at some of the winners and losers:

Mixed performance:

In advanced economies, smaller European nations were among the best performers. Ireland’s economy grew by 7% in the third quarter–faster than China–and well ahead of the euro area’s 1.6% growth in the same period.

By contrast, the picture was more subdued in Finland. The northernmost euro member, which was among the most vocal critics of Greece during its crisis bailout negotiations, is suffering as key industries like paper making and consumer electronics struggle. Weak export demand from Russia is also hurting.

graph

In the emerging market world, clear standouts included Vietnam, Tanzania and, wait for it, China. Even after a $5 trillion stock market rout and what’s tipped to be the slowest growth in 25 years, China’s overall gross domestic product growth remains relatively robust compared to its peers. India’s economy also expanded faster than expected in the third quarter when GDP rose 7.4% from a year earlier, after a 7% expansion in the previous quarter.  

The weakest performers included the usual suspects. Russia is on track for its longest slump in two decades mostly because of lower oil prices. Brazil has been dogged by the commodities slump, political turmoil, a corruption scandal and a widening budget gap. Goldman Sachs Group Inc. warned that the nation is sinking into “an outright depression.”

A notable absentee from the list is Venezuela: that’s because the central bank hasn’t published GDP data for the year.

graph

Honorary mention:

Japan gets a special mention for the recession that never was. A data revision meant that GDP expanded in the third quarter rather than contracting as previously thought, meaning the world’s third largest economy avoided a second recession in three years. Some economists say the performance shows Japan’s economy is on an overall improving track, even if significant challenges remain.

graph

Employment:

Away from the GDP numbers, employment data around the world paints a mixed picture.

graph

The lowest jobless rates can be found in nations such as Japan and Switzerland, or Thailand and Singapore, but Western Europe remains stricken by high levels of joblessness. Double digit unemployment in places like Greece and Spain underscore the challenges ahead. 

Click table to enlarge

table

©2015 Bloomberg News

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What putrid journalism – you include a table which is utterly unreadable

Much better if one clicks on the instruction to enlarge.

Noticable how rotten SA under the anc is doing: worst unemployment and very low GDP. We cannot even beat Georgia, Bulgaria, Lativia and Peru in GDP.

What happened to India’s unemployment? Table certianly could be better.

GDP is on par with Germany, Lithuania, and Canada, and better than Belgium, Estonia, Taiwan, Denmark, Cyprus, France, Switzerland, Austria, Italy, Japan, Greece and Finland.

I’m not in the unemployment number so I couldn’t really care.

South africa has always been rotten.
Its like its in the deep,deep,depths of the sea.

End of comments.

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