Despite July’s manufacturing data pointing to weak global growth, Capital Economics expects the global economic growth to hold up fairly well over the rest of the year as China’s growth pace stabilizes and the United States’ economy accelerates, RTT News reported. The firm noted that the world economy began the third quarter on a weak note. The global Markit manufacturing PMI held steady at 51.0 in July. Michael Pearce, economist at Capital Economics, said the data does not signal a major global downturn like that seen between 2010 and 2012, but showed the pace of world GDP growth has cooled over the past 18 months.
