In recent years, it has signed trade deals with Canada and Japan and initiated negotiations elsewhere. By the end of 2020, such efforts bore fruit with a new investment agreement with China. The main goal for the EU was to support the ability of European companies to operate profitably in China. The EU claims that the new agreement creates a degree playing field for European companies and ends forced technology transfers. In addition , the EU says that the deal eliminates the requirement that European companies have a local partner in China. Officials of the incoming Biden administration in the United States counseled against the deal on the hope that the United States and EU could take a common stance on issues related to China.
Most analysts believed that the 2017 tax cuts and additional program funding Congress enacted in early 2018 boosted GDP only temporarily. The Trump Administration projected that growth would continue at about 3 percent in coming years; CBO, in contrast, projected that growth would fall back to under 2 percent over the longer term, as we discuss below in Part III.
This chart book documents the economic expansion and will continue to track the evolution of the economy. It supplants its predecessor, “The Legacy of the Great Recession, ” which covers the decade from the start of the recession in December 2007 through December 2017 with a focus on the plunge into and recovery from the Great Recession. The Deloitte Global Economist Network is a diverse group of economists that produce relevant, interesting and thought-provoking content for external and internal audiences. The Network’s industry and economics expertise allows us to bring sophisticated analysis to complex industry-based questions. Publications range from in-depth reports and thought leadership examining critical issues to executive briefs aimed at keeping Deloitte’s top management and partners abreast of topical issues. Having lost the United Kingdom and faced tensions with the outgoing US government, the EU remains determined to extend the realm of trade liberalization.
The US side evidently worries that the EU-China deal will reduce US leverage in addressing its grievances with China. For China, the deal with the EU could be seen as a way to create space between the United States and the EU. In any event, the EU says that the deal does not remove its ability to address human rights and geopolitical issues in China that are of importance to the United States. Finally, the deal might lead US businesses to pressure their government to negotiate a similar deal with China. The Economic Inequality & Equitable Growth hub is a collection of research, analysis and convenings to help better understand economic inequality. The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
Nonfarm payroll job was 10. 2 per cent (14. 1 million jobs) higher in February 2020 than at the start of the Great Recession. But due to the job losses since, in November such employment was just 3. 1 percent (4. 2 million jobs) higher than at the start of the Great Recession. The jobs deficit at the start of the expansion was much larger than those at the start of the previous two expansions, and it took a long time simply to get back to the level of payroll employment at the start of the recession. That said, payroll employment growth was somewhat better than in the expansion, and it went on much longer. Private employment rose by 344, 000 jobs in November but remains 8. 5 million below its February level. Federal government employment fell by 86, 000 reflecting a loss of 93, 000 temporary employees who were conducting the 2020 census); state employment was unchanged; and local employment fell by 13, 000 (putting losses since February at 1. 0 million). Before COVID-19, a key question was what annual growth rate would be sustainable over time.