Charting global economy: IMF raise global growth forecast, food supply concerns emerge
The Fed and ECB both lifted borrowing costs by a quarter of a percentage point while keeping options open for their next meetings in September. In Japan, the central bank made a surprise decision to loosen its yield curve control policy — a pillar of its effort to suppress interest rates and stimulate the economy. That stoked speculation of more drastic changes to the country’s ultra-low borrowing costs.
The International Monetary Fund boosted its forecast for global growth this year, adding to a growing number of voices that see a potential soft landing in the US. A report showing the world’s largest economy unexpectedly accelerated in the second quarter while inflation eased also supported that view. Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:WorldOutside of the major central banks, officials in Ghana surprised financial markets by raising borrowing costs to a record high.
Nigeria’s central bank extended its longest monetary tightening in years. Indonesia stood pat while Hungary and Chile cut. The IMF raised its outlook for the world economy this year, estimating that risks have eased in recent months after the US averted a default and authorities staved off a banking crisis on both sides of the Atlantic.
Just when consumers were starting to see some welcome news about easing inflation on the supermarket shelves, food risks are on the rise again. Concerns are growing over supplies of rice, the food staple that almost half of the global population relies on. Top exporter India banned a hefty chunk of its exports last week, sending prices in Asia to the highest level in more than three years.
Read more on economictimes.indiatimes.com
