SEVERE WX : Flood Warning View Alerts
STREAMING NOW: Watch Now

The global economy is doing great ... for now

Global economic growth is in full swing, but the party could come to an end in a couple of years.The ...

Posted: Jan 10, 2018 1:33 PM
Updated: Jan 10, 2018 1:33 PM

Global economic growth is in full swing, but the party could come to an end in a couple of years.

The World Bank just upgraded its forecast for this year after a stronger than expected 2017.

Countries around the world are experiencing a broad upturn that's expected to last for "the next couple of years," the bank said Tuesday in its latest Global Economic Prospects report.

It predicts the global economy will expand 3.1% in 2018, up from the 2.9% it previously forecast in June. That's also faster than the 3% growth the world managed last year, according to the bank.

Related: Europe's economy is firing on all cylinders

The growth spurt has been helped by a turnaround in trade, years of low interest rates and a rebound in oil prices, which have all boosted confidence, according to the bank.

This year will be the first since before the global financial crisis that the world's economy is running at almost its full potential, the report said. That means unemployment is low, productivity is high and inflation is in check, leading to a surge in demand for goods and services among consumers.

But the report warns that growth may soon peak and then start tailing off in 2019 and 2020 as big economies like the U.S., China and the European Union begin to cool.

It predicts the slowdown will come as stimulus measures, such as near-zero interest rates and quantitative easing, begin to lose their effectiveness.

Meanwhile, the world's big economies will also have to contend with aging populations, which will likely reduce their productivity.

Related: News flash! The U.S. economy already looks strong

The World Bank expects about two-thirds of the global economy to be hit by this slowdown.

It advised governments to focus on reforms to healthcare and education and improvements to infrastructure like roads and ports.

"Without efforts to revitalize potential growth, the decline may extend into the next decade," the report warned.

West Lafayette
Clear
71° wxIcon
Hi: 72° Lo: 41°
Feels Like: 71°
Kokomo
Clear
66° wxIcon
Hi: 68° Lo: 41°
Feels Like: 66°
Rensselaer
Clear
64° wxIcon
Hi: 69° Lo: 39°
Feels Like: 64°
Fowler
Clear
71° wxIcon
Hi: 69° Lo: 42°
Feels Like: 71°
Williamsport
Partly Cloudy
67° wxIcon
Hi: 70° Lo: 40°
Feels Like: 67°
Crawfordsville
Partly Cloudy
64° wxIcon
Hi: 70° Lo: 38°
Feels Like: 64°
Frankfort
Clear
64° wxIcon
Hi: 68° Lo: 41°
Feels Like: 64°
Delphi
Clear
65° wxIcon
Hi: 70° Lo: 40°
Feels Like: 65°
Monticello
Clear
65° wxIcon
Hi: 70° Lo: 39°
Feels Like: 65°
Logansport
Clear
66° wxIcon
Hi: 69° Lo: 40°
Feels Like: 66°
Warming Up, Unsettled Weekend
WLFI Radar
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 732692

Reported Deaths: 13450
CountyCasesDeaths
Marion1002531746
Lake53931975
Allen40779678
St. Joseph35838552
Hamilton35695408
Elkhart28695442
Tippecanoe22419219
Vanderburgh22332397
Porter18838309
Johnson18007379
Hendricks17269315
Clark13007191
Madison12708339
Vigo12470248
LaPorte11970212
Monroe11914170
Delaware10720186
Howard9946216
Kosciusko9438117
Hancock8310141
Bartholomew8078156
Warrick7789155
Floyd7672178
Grant7072174
Wayne7061199
Boone6712101
Morgan6593139
Dubois6162117
Marshall6073111
Cass5826105
Dearborn581878
Henry5758103
Noble562784
Jackson502773
Shelby493196
Lawrence4563120
Harrison436372
Gibson436092
DeKalb429285
Clinton427953
Montgomery425089
Whitley397139
Huntington392980
Steuben389457
Miami382267
Knox372690
Jasper368248
Putnam361660
Wabash354580
Adams341954
Ripley340170
Jefferson331281
White314854
Daviess298199
Wells291881
Decatur285492
Fayette281262
Greene279785
Posey271933
LaGrange267870
Scott266954
Clay260547
Washington241632
Randolph241181
Spencer232431
Jennings230449
Starke217154
Fountain213046
Sullivan212042
Owen201956
Jay196330
Fulton195540
Carroll189420
Orange184154
Perry183537
Rush173725
Vermillion169643
Franklin168435
Tipton163045
Parke146416
Blackford135132
Pike134934
Pulaski116945
Newton108134
Brown102441
Crawford100615
Benton98914
Martin89015
Warren82215
Switzerland7938
Union71010
Ohio57111
Unassigned0417

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events