Economic Snapshot for G7 Countries
December 23, 2022
Economic Growth
Global growth will slow in 2023 on higher interest rates and still-elevated inflation. However, government cost-of-living support and China’s shift to living with Covid-19 will cushion the slowdown. Risks include faster-than-expected monetary tightening, a broadening of the war in Ukraine, a European gas crunch, U.S.-China tensions and a snapback of restrictions in China.
Inflation Outlook
Global growth will slow in 2023 on higher interest rates and still-elevated inflation. However, government cost-of-living support and China’s shift to living with Covid-19 will cushion the slowdown. Risks include faster-than-expected monetary tightening, a broadening of the war in Ukraine, a European gas crunch, U.S.-China tensions and a snapback of restrictions in China.
Sample Report
5 years of Major Economies economic forecasts for more than 30 economic indicators.
Major Economies Economic News
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Italy: Business confidence strengthens in January
January 26, 2023
Business confidence came in at 109.1 in January, up from December's 107.9.
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Italy: Consumer confidence weakens slightly in January
January 26, 2023
Consumer confidence declined to 100.9 in January from December's 102.5.
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United States: GDP growth ebbs in the fourth quarter
January 26, 2023
GDP growth slowed to 2.9% in seasonally adjusted annualized rate terms (SAAR) in the fourth quarter, from 3.2% in the third quarter.
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Canada: Bank of Canada hikes rates by 25 basis points in January
January 25, 2023
On 25 January, the Bank of Canada (BoC) raised its target for the overnight rate from 4.25% to 4.50%, and announced it was continuing to reduce the stock of outstanding government bonds. The rate hike was justified by excess demand and inflation which is still over double the upper bound of the Bank’s 1.0–3.0% target range.
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United States: Composite PMI rises in January
January 24, 2023
The S&P Global Flash Composite Purchasing Managers' Index (PMI) came in at 46.6 in January, up from December's 45.0.
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