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Positive Chemical Growth Amid Global Decline
In the article “Commentary: An Inauspicious Start to 2016 for Chemicals and the Economy,” Joseph Chang lists five key themes affecting the chemical industry in 2016:
- China slowdown and currency devaluation
- Commodities collapse -- led by crude oil
- U.S. interest rate hikes
- Recessions in Brazil and Russia
- Greater geopolitical risks
Amid this global decline, U.S. chemical production is projected to increase 3.1% in 2016, following a 3.8% boost in 2015, despite a slowing global economy.
“In the long term, the U.S. chemical industry will grow faster than the overall U.S. economy,” said American Chemistry Council Chief Economist Kevin Swift. He expects chemical production in the U.S. to increase 4.7% in 2017 and 5.3% in 2018.