There is danger in today's good economic news

Washington

AS 2018 begins, things are looking up for the global economy. Over the last six months, growth projections by official institutions such as the International Monetary Fund (IMF) - matched or even exceeded by private forecasts - have been adjusted upward. But not all of the news is good.

To be sure, there are plenty of positive indicators to inspire optimism. The eurozone Purchasing Managers' Index for manufacturing hit an all-time high last month, and even Greece's economy is finally growing. In the United States, growth now appears likely to exceed the IMF's October prediction of 2.3 per cent for 2018.