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Why Is March 2019 An Important Month For The World Economy?


March of 2019 could be crucial for the global economy, as a lot of the unclear issues around the world could come to a settlement this month.

Why Is March 2019 An Important Month For The World Economy?
Here's why:

  • Brexit: If things go as planned and British Prime Minister Teresa May's Brexit deal is not rejected, the fate of the United Kingdom's exit from the European Union will be clear on 29 March. While May has promised to bring a revised deal on 12 March, it is subject to legislators opinion and if rejected, they will be given a chance to vote to leave without a deal or extend the negotiating period.
  • US-China trade deal: According to a Wall Street Journal report on Sunday, American President Donald Trump and his Chinese counterpart Xi Jinping will reach a formal trade deal at a summit around 27 March. More clarity on how "historic" the deal would be will be received in the days to come.
  • China's economic plan: Data in the recent past has shown a visible fall in economic activity in China. March is the month of the country's annual parliamentary meet where the government decides an economic plan for the year. It is expected that China might set its growth target lower from 6.5 percent of the last two years. The country will also release data in the coming weeks to show whether or not its economy is recovering.
  • Policy meets: Bank of Japan is scheduled to meet for its next Monetary Policy Meet on 14 and 15 March. Further, it will release the Minutes of its previous meet on 20 March. The other major Central Banks like the USA's Federal Reserve and European Central Bank are also set to meet for their monetary policy discussions this month.
  • New Tariffs: A Bloomberg report suggests that Trump is mulling on a report that could lead to him imposing tariffs on European and Japanese cars.

If the trade disputes between China and the US end, it will put the activities of these two biggest economies back on track and defuse the ongoing concerns on global economic activity. On the other hand, a no-deal Brexit will cause a slowdown across the European market.

Read more about: world economy
Story first published: Monday, March 4, 2019, 14:40 [IST]
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