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Global economic growth prospects appear to be in good shape heading into 2006, FedEx chief economist Gene Huang said Thursday. Global growth should be slightly above 3% this year, after growing at a 3.3% rate in 2005, Huang said.
Huang has an enviable vantage point for an economist – a front row view of the global supply chain management system. ‘I get to watch traffic flows in every sector of every economy in the world on a real time basis,’ Huang told reporters at a briefing. The global business cycle is still determined by trade in goods, Huang said, as the services sector remains constant. Huang said 2006 will be a ‘typical mid-cycle year’ for the global economy, with continued demand and improvement in labor markets. ‘A mid-cycle environment is all about sustainability,’ Huang said. The durable goods and industrial sectors remain strong and there will be ample opportunities in merchandise trade supported by inventory restocking and pent-up demand in capital spending. The United States and China continue to be the global growth engines, Huang said.