Accordingly, policy-makers in individual countries often take global conditions as given. This means they focus on making monetary and fiscal policy choices that best serve their national interests. They may not necessarily internalize all the spillovers those choices might impose on other countries. Now, it’s not always possible or appropriate to act in ways that consider these spillovers.
Based on the available data, we estimate that gross domestic product (GDP) rose a little less than 3 percent last year following a 2.5 percent increase in 2017. Last year’s growth was led by strong gains in consumer spending and increases in business investment. Growth was supported by increases in employment and wages, optimism among households and businesses, and fiscal policy actions.