Economy

5 charts show the latest IMF forecasts for the global economy – CNBC

Published

5 years ago

January 20, 2020

Harry Miller

A US cargo ship is seen at the Yangshan Deep-Water Port, an automated cargo wharf, in Shanghai on April 9, 2018.

Johannes Eisele | AFP | Getty Images

The International Monetary Fund on Monday released its latest projections for the global economy.

Those forecasts were detailed in an update to the IMF’s World Economic Outlook report, which is widely read by both public and private sectors globally.

Here are five charts that show the fund’s latest assessments of the world economy.

Global recovery

The fund attributed “the lion’s share” of the downward revision to “a more subdued growth forecast” for India.

India’s growth markdown

India, Asia’s third-largest economy, is expected to grow by 5.8% in 2020 — a 1.2 percentage point markdown from the organization’s October forecast.

The IMF said India’s “domestic demand has slowed more sharply than expected” amid stresses in the financial sector and a decline in credit growth.

Still, the 5.8% forecast for this year is an improvement from the estimated 4.8% growth for last year, owing to both monetary and fiscal measures, and subdued oil prices, said the IMF.

China’s upgrade

China’s growth forecast for 2020 was revised higher by 0.2 percentage points to 6.0%, according to the IMF. That’s partly because the country’s “phase one” trade deal with the U.S. is likely to reduce some risks facing the world’s second-largest economy, the fund said.

“However, unresolved disputes on broader US-China economic relations as well as needed domestic financial regulatory strengthening are expected to continue weighing on activity,” the fund wrote in its report.

US growth moderation

The U.S., the world’s largest economy, is projected to grow by 2.0% this year — a downward revision of 0.1 percentage points compared to the IMF’s October forecast.

Max Lin, a strategist at NatWest Markets, said the downgrade reflects a slowing manufacturing sector in the U.S. and potential risks from the presidential elections later this year.

Euro area pick up

Growth in the euro area for this year was revised down by 0.1 percentage points to 1.3%, according to the IMF.

But that projection reflects a pick up from last year’s 1.2% estimate, which the organization attributed to an expected improvement in external demand.

These are the IMF’s growth forecasts for major European economies this year:

Germany: 1.1%
France: 1.3%
Italy: 0.5%
Spain: 1.6%

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

1 day ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

1 day ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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