Almost three-quarters of global business analysts think US President Donald Trump is negatively affecting the world economy. Their gloomy conclusion comes despite record stock market highs, billed as the Trump boom.
A survey of almost a thousand business experts has revealed a lack of confidence in US President Donald Trump's first year in office.
Research by the Munich-based ifo Institute found 74 percent of respondents believe Trump, who is currently in the middle of a five-nation trade visit to Asia, is negatively influencing the world economy. A smaller proportion, almost 57 percent, said his administration was harming the United States' growth potential.
The survey was based on interviews with 929 business experts in 120 countries.
Published on Tuesday almost a year since the US presidential election, the data revealed that nearly two-thirds of economic analysts think the US government is impairing global growth prospects, with social justice and climate protection cited as those most negatively affected.
In June, Trump pulled the US out of the Paris climate accord after months of speculation, calling for a new treaty offering better terms for America.
Trump’s administration also scored poorly in international trade, cooperation in multilateral organizations as well as in peace and security, according to ifo.
During his election campaign and first year in office, Trump has pursued populist policies that have frustrated the US's main trading partners including Germany and China. Vowing to put the US economy first, he has threatened to impose trade tariffs and bring back jobs lost to other countries.
A majority of those surveyed by ifo predicted that the poor would be hurt the most from Trump's policies — almost three-quarters of analysts polled globally versus 61 percent in the US.
Experts in neighboring countries Canada and Mexico were particularly critical of the negative influence the US is having on their economies.
US business experts were more positive on the Trump presidency, with just 38 per cent seeing a negative impact on their domestic economy.
Despite the negative forecasts of most analysts, the US stock markets closed at record highs on Monday, and the US economy grew 3 percent in the third quarter of 2017 — having achieved its best six-month growth period in three years. Meanwhile, the International Monetary Fund predicts the global economy will grow 3.6 percent this year and a notch higher in 2018.