Economic growth all over the world which was booming till now is experiencing a sharp decline. The situation is quite contradicting to the one which was a year before. Since the year 2010, economic growth all over the globe was improving at its best pace. It was expected that it would perform even better in the near future. It is a known fact that the builders throughout the US have reduced building number of single family houses, the factories in Germany are seen to be sputtering, and the retail sales in China are growing with their minimum pace since the last 15 years.
This abrupt slowdown which the world is experiencing is having severe impacts on several fronts with a couple of stock markets around the world sliding down and making losses greater than 20%. On the past Monday, stocks plummeted so harshly that it is suggesting this December to be the worst since the year 1931. President Donald Trump addressed economic turmoil on the Christmas day as well. He iterated his doubts over Jerome Powell, who is the Chairman of the Federal Reserve. He has been repeatedly blaming him for the weakness of the market.
During his appearance at the Oval office, he was questioned whether he has confidence in Jerome Powell; to which he answered by saying “we’ll see”. He also added that they are increasing the rates of interest quite fast. The Political Turmoil is currently at its peak in the US along with some other developed economies and all of this was epitomized by US government’s partial shutdown. Even the street protests which took place in France are further deepening the anxiety of the investors. The Central Banks which crossed several steps after the financial crisis at the global level in an attempt to boost the growth of the economy now seem to be less supportive.
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