Economic update from Richard Hoey, Chief Economist at BNY Mellon - Hoey expects a broad pattern of growth in both developed and emerging countries. From a longer-term perspective, emerging countries have a higher-trend growth rate than developed countries. Cyclically, however, developed countries have the best prospects for near-term improvement in growth as they recover from depressed levels of activity in response to easy monetary policy. In terms of China, the economy is adjusting downward to a more sustainable growth rate. This is partly due to a demographic shift with fewer people entering the blue-collar workforce. As such, China's growth is slowing in lower-wage industries as other emerging countries become more competitive. Although Hoey does not expect Chinese growth to drop sharply, he also doesn't expect it to reaccelerate back to the rapid growth rate of the past. Read more on the US, EU, Japan and emerging markets at: (VIEW LINK)
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