Economic Snapshot for G7 Countries
June 1, 2022
Global economic activity to lose pace in 2022
The world economy will slow sharply this year as fiscal and monetary policies grow less supportive and inflation rises due to the war in Ukraine and Covid-19 lockdowns in China. Risks include further stop-start Chinese Covid-19 restrictions, new variants of the virus, the courses of the Russia-Ukraine war and sanctions on Russia, and faster-than-expected Fed tightening.
Global inflation to rise in 2022
Inflation should rise notably in 2022 as the war in Ukraine boosts commodity prices and causes supply chain difficulties, which will be compounded by China’s Covid-19 restrictions. Decisive factors shaping the outlook include the war’s evolution, China’s Covid-19 stance, OPEC’s rate of adding oil to the market, global monetary tightening and extreme weather events.
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Major Economies Economic News
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United Kingdom: Composite PMI unchanged in June
June 23, 2022
The S&P Global/CIPS Flash Composite Purchasing Managers’ Index (PMI) was unchanged at May's 53.1 in June.
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United Kingdom: Inflation comes in at highest level since our records began in May
June 22, 2022
Consumer prices increased 0.65% from the previous month in May, which was below April's 2.51% increase.
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Canada: Inflation in May comes in at highest level since 1983
June 22, 2022
Consumer prices rose a record-high seasonally-adjusted 1.07% from the previous month in May, picking up from the 0.88% increase logged in April.
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Canada: House price growth remains elevated in May, but slowdown likely ahead
June 17, 2022
According to the Teranet-National Bank Composite House Price Index, house prices increased 2.3% month-on-month in May.
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Switzerland: SNB hikes rates in June in shock move
June 16, 2022
At its meeting on 16 June the Swiss National Bank (SNB) raised its policy rate and the interest rate on sight deposits from minus 0.75%—the world’s lowest—to minus 0.25%.
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