The World Bank cut its 2015 global growth forecast this week, from a 3.4% estimate in June to 3%, predicting the U.S. economy would grow a bit faster than expected (3.2% this year) and that Europe and China would slow more than expected. The forecast comes just in time for part two of Consuelo Mack WealthTrack‘s “New Year’s Exclusive Outlook,“ premiering nationwide beginning Friday, January 16 at 7:30 p.m. on public television (check local listings**) and on wealthtrack.com.
The episode features Anchor and Executive Producer Consuelo Mack’s exclusive, annual interview with Wall Street’s number one economist for 35 years running, Evercore ISI‘s Chariman Ed Hyman. Mack and Hyman are joined by New York Life‘s Vice Chairman and Chief Investment Officer John Kim — in another TV exclusive — to discuss the global economic outlook and whether the U.S. can continue to grow while the rest of the world slows.
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In the clip, Ed Hyman says:
“My view is that the U.S. economy is now pulling the foreign economies…we are able to keep pulling ahead, but whenever I think the economy is going to take off here I remember I have a big load to pull, and so I think I’ll just keep pulling in a steady pace. If you get that picture in your head, it creates a sort of secure feeling that we’re moving ahead but not going to go too fast, and this drop in oil is a part of that epic where the oil’s in part down because the global economy is still slow.”
In the clip, John Kim says:
“…let’s remember that China is slowing down and is trying to stimulate its economy coming into 2015, but their GDP is still growing likely at seven percent versus, at best, we will achieve three-and-a-half percent in my mind, and so I think that it’s not so much U.S. versus China. It’s actually those two economies are likely to be the two economies that help the entire world, to Ed’s point, be pulled up….
I do concern myself with the downdraft in Europe a great deal.”
Watch part one of Consuelo Mack WealthTrack‘s “New Year’s Exclusive Outlook” with Ed Hyman and John Kim on wealthtrack.com and YouTube.