February 10, 2020
Trump Forecasts Growth Above 3% This Year. Economists Disagree.
“President Donald Trump assumes economic growth above 3% this year in his annual budget proposal, exceeding mainstream analyst forecasts and other key authorities in Washington. The White House proposal for fiscal 2021 says gross domestic product growth will climb 3.1% in the fourth quarter of 2020 from a year earlier, followed by 3% expansion in 2021, according to a senior administration official. Growth will step down to 2.8% in the final two years of the decade, in line with prior White House expectations, according to the person who asked not to be named because the proposal is not scheduled to be released until Monday.”
U.K. Begins Search for Free Ports as Spending Pledges Mount
“Prime Minister Boris Johnson’s government is kicking off a search for the locations of 10 new free ports in its effort to boost growth in post-Brexit Britain. As it gears up for its first budget on March 11, the government is launching a consultation on the areas for the new zones with a view to announcing the locations by the end of the year.”
China Pork Prices Head Toward Record High on Supply Concerns
“The rapid spread of the coronavirus in China has failed to dampen a scorching pork rally, with prices heading toward a record high on supply concerns in the world’s biggest meat consumer. Pork prices surged 116% from a year earlier in January, after almost doubling in December, according to data from the National Bureau of Statistics. Wholesale prices, which are just 4% below their record high in November, were boosted by lower supplies due to African swine fever and transport restrictions following the coronavirus outbreak.”
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