Charting the global economy: Maritime attacks drive up costs
container ships that typically transit the key maritime artery of the Red Sea and Suez Canal are rerouting after a multitude of attacks by Iran-backed Houthi militants.
Combined with disruptions at a drought-stricken Panama Canal in the Western Hemisphere, the rise in merchant shipping rates poses headwinds for central bankers in their inflation fight.
Meantime, the economy in Vietnam exceeded expectations this year and is poised for better results in 2024.
For economies in many African nations next year, credible elections and improved governance are key.
Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:
World
Half of the container-ship fleet that regularly transits the Red Sea and Suez Canal is avoiding the route now because of the threat of attacks, according to new industry data. The tally compiled by Flexport Inc.
shows 299 vessels with a combined capacity to carry 4.3 million containers have either changed course or plan to. That’s about double the number from a week ago and equates to about 18% of global capacity.
Diverted voyages are more costly and may lead to higher prices for consumers on everything from sneakers to food to oil if the longer journeys persist.
The theme for the African continent in 2024 appears to be all about who’s in charge. From South Africa to Algeria, a third of the continent’s nations will choose new governments, including coup-hit Mali, Chad and Burkina Faso — if their junta leaders keep their word.
Credible elections and improved governance will form the bedrock for some of the world’s poorest — and youngest — nations to reduce conflict, spur economic growth and boost employment. The prevailing environment makes that
. Read more on economictimes.indiatimes.com
