Short Comment SSMR (12) 2007: World Seaborne Trade and World Port Traffic

World output up to 2008

Despite a slowing down of growth in the US due to the crisis in the real estate loan market, the world economy is expected to grow by more than five per cent for the second year in a row in 2007.

• According to IMF, the global GDP growth was 5.5 per cent in 2006 and is expected to reach 5.2 in 2007, but slightly decrease to 4.8 per cent in 2008.
• The downturn of the US economy is expected to persist in 2008, impacting on the global economy.
• China’s economic growth gained further momentum in 2007, reaching 11.5 per cent compared to 2006 despite downward pressures on its exporting industry from the American consumption slowdown.