In the first half of 2017, the global economy continued its recovery momentum from the second half of 2016. The economic indicators of the second quarter this year indicated continuous growth of economic activities around the world.
The Purchasing Managers’ Index indicated that the manufacturing industry and the service industry remained robust. Among the advanced economies, the United States' economy recorded soften growth in the first quarter this year, but was still recovering at a faster pace as compared to other developed economies; the economic growth in the Euro Zone remained stable; and Japan witnessed better-than-expected economic growth. The Chinese economy maintained stable growth. Indonesia recorded impressive growth and sustained good momentum, and the other ASEAN-5 economies also recorded strong growth in general.
According to the “World Economic Outlook” published by the International Monetary Fund (“IMF”) in July 2017, with the support of a buoyant financial market and a long-awaited cyclical recovery in manufacturing and trade sectors, global economic growth is projected to rise from 3.2% in 2016 to 3.5% in 2017, and 3.6% in 2018.