Bloomberg | October 28, 2018 07:05:50Global financial industry is expected to grow by 7.3% in 2019, up from 6.4% growth in 2018, according to the Financial Industry Regulatory Authority (FINRA).
The industry was also expected to increase its annual revenue by 5.4%, from $7.1 trillion in 2018 to $8.6 trillion in 2019.
In 2020, the industry generated $843 billion, up 3.2% from $842 billion in 2019 and 7.2%, from the same year last year, according the FINRA.
The industry has faced the biggest downturns in the past two decades.
The financial crisis in 2008 triggered the Great Recession and led to steep reductions in consumer spending and the global financial crisis.
The recession has also had a detrimental impact on the economy and on financial stability.
The world economy contracted by 0.4 percentage points in 2018 and by 2.3 percentage points, according a Bloomberg survey of the global industry, compared to the previous year.
In 2019, the contraction was 0.2 percentage points and the recession was 2.5 percentage points.
The financial industry also is grappling with rising prices for its products and services.
The global market for financial products, which includes investment banking, asset management, insurance and derivatives, is expected at $854 billion by 2020, up 1.9% from the previous quarter, according FINRA figures.
In 2018, the global market of financial products was valued at $742 billion, according TOJO data.
In 2017, the value was $858 billion.
The market for investment banking services, which include trading and lending, was valued in the same time at $1.1 billion, down 7.4%.
The global financial sector was valued by the Financial Sector Investment Bank at $965 billion in 2018.