WASHINGTON (AP) — From the United States to Asia to Europe, a global economy that many had feared was faltering appears poised for a resurgence on the strength of cheap oil and falling interest rates. U.S. consumers are feeling flusher, thanks to lower gas prices, a burst of hiring and long-awaited if still-modest pay raises for many. The brighter outlook marks a turnaround from last fall, when a looming war in Ukraine, the rise of the Islamic State terror group and a reluctance by the European Central Bank to expand its stimulus efforts led analysts to downgrade their view of the global economy. Weaker growth in China has also hurt exporting countries from Latin America to Australia that had long benefited from China's appetite for farm products, copper, iron ore and other commodities. A majority said they thought struggling economies in Europe and Japan would benefit from lower-priced energy and ultra-low loan rates engineered by central banks. The plunge in energy prices, which has helped cut inflation further below the Fed's 2 percent target, has led many economists to push back their forecast for a rate increase. __The Trans-Pacific Partnership, a trade deal the Obama administration is negotiating with Pacific Rim countries, would accelerate job growth without widening the U.S.
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By CHRISTOPHER S. RUGABER, AP Economy Writer, Seattle Post-Intelligencer: Business
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