World economy surprisingly stable

I am always pleased when The Economist magazine updates my all-time favourite chart on the state of the world economy, because this picture paints many more than a thousand words.

It shows that global economic production has grown at a rate of more than 3% a year in 15 out of the last 18 quarters, rising to 3.56% in the second quarter of 2018 after reaching 3.57% in the first quarter of 2018.

This is despite all the extra uncertainty of trade restrictions and Brexit, financial risk and political volatility.

Growth rates are rising in the United States and India, while levelling out in China and Europe. China remains the largest contributor to overall global economic growth.