World Bank Trade Watch-Goods Trade Weakened Further
September 25, 2023--Global goods trade contracted further in the second quarter of 2023 as demand weakened in all regions amid tight monetary conditions, lingering inflationary pressures, and elevated geopolitical tensions.
Services trade continued to recover, with travel on track to exceed 2019 pre-pandemic levels in 2023, particularly in China and the rest of East Asia.
Containerized shipping activity eased somewhat from May through August 2023, suggesting continued weakness in trade volumes.
OECD-Interim Economic Outlook, September 2023 Confronting inflation and low growth
September 19, 2023--The global economy proved more resilient than expected in the first half of 2023, but global growth is projected to be lower in 2024. Headline inflation is coming down but core inflation remains persistent.
The global economy proved more resilient than expected in the first half of 2023, but the growth outlook remains weak.
With monetary policy becoming increasingly visible and a weaker-than-expected recovery in China, global growth in 2024 is projected to be lower than in 2023. While headline inflation has been declining, core inflation remains persistent, driven by the services sector and still relatively tight labour markets. Risks continue to be tilted to the downside. Inflation could continue to prove more persistent than anticipated, with further disruptions to energy and food markets still possible. A sharper slowdown in China would drag on growth around the world even further. Public debt remains elevated in many countries.
Global debt hits record $307 trillion, debt ratios climb-IIF
September 19, 2023-- Global debt hit a record $307 trillion in the second quarter of the year despite rising interest rates curbing bank credit, with markets such as the United States and Japan driving the rise, the Institute of International Finance (IIF) said on Tuesday.
The financial services trade group said in a report that global debt in dollar terms had risen by $10 trillion in the first half of 2023 and by $100 trillion over the past decade.
It said the latest increase has lifted the global debt-to-GDP ratio for a second straight quarter to 336%. Prior to 2023, the debt ratio had been declining for seven quarters.