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US economy 'performing better than expected'

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US economy 'performing better than expected'

Companies that are planning an in order to expand overseas have been informed conditions in the US are improving.

According to Barings Asset Management, recent figures regarding the country's economy have been better than many analysts had expected.

As a result, it believes the US will enjoy "modest growth" in gross domestic product over the coming year. This could make it a good option for businesses that are planning to build up a presence outside the UK.

Percival Stanion, Barings' head of asset allocation, commented: "It is important to recognise that the US enjoys several huge benefits over Europe, namely an integrated policy formation process via one national government, a pragmatic central bank and a willingness to suffer short-term pain through wage cuts or redeployment of labour that will restore competitiveness."

He noted that consumer spending in the country is holding up, due to an increase in employment, while corporate spending is expected to rise throughout the coming year.

Furthermore, Mr Stanion said the US currently boasts the best current earnings growth rate in the world. Firms that transfer money to the country in order to boost their presence in this marketplace could therefore end up seeing a healthy return on their initial investment.

He added that prospects for the global economy as a whole remain difficult to predict, partly because of issues such as the continuing debt crisis in the eurozone.

However, Mr Stanion said that while countries such as Greece are likely to pull out of the financial union during 2012, the "core" of the body will remain in tact for the next 12 months at least.

This comes after the Centre for Economics and Business Research reported that Brazil now ranks ahead of the UK in its economic league table, as it is the sixth largest economy in the world.

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