Speech By Federal Reserve Governor Jerome H. Powell At "CPBS 2016 Pacific Basin Research Conference," Sponsored By The Center For Pacific Basin Studies At The Federal Reserve Bank Of San Francisco, San Francisco, California, November 18, 2016, The Global Trade Slowdown And Its Implications For Emerging Asia

It is a pleasure for me to return to the Center for Pacific Basin Studies here at the San Francisco Fed. The global economy is at a critical juncture today. According to the International Monetary Fund's latest World Economic Outlook, global gross domestic product (GDP) is set to grow at only 3.1 percent this year, the lowest rate of growth since the Global Financial Crisis. Investment and productivity remain subdued, despite extremely low and even negative interest rates in many economies.¹ One key aspect of global weakness that is of particular relevance to emerging Asian economies is the sharp slowdown in global trade. This slowdown represents a notable departure from the "normal" times of the past few decades, and is the subject of my remarks today.²