What can ocean shipping tell us about the global economy (28Sep2023)?
Global Economy This is extracted from an article dated 13 Sep 2023 from Fitch: We have raised our 2023 world growth forecast by 0.1pp to 2.5% reflecting surprising resilience so far this year in the US, Japan and emerging markets (EM) excluding China. We have revised up US growth by 0.8pp to 2.0%, Japan by 0.7pp to 2.0% and EM ex. China by 0.5pp to 3.4%. This has more than offset a 0.8pp cut to China – to 4.8% – and a 0.2pp cut to the eurozone, to 0.6%. But we have cut our 2024 world growth forecast by 0.2pp to 1.9% with widespread downward revisions. We have reduced our 2024 US forecast by 0.2pp to 0.3%, the eurozone by 0.3pp to 1.1%, and China and EM ex. China by 0.2pp to 4.6% and 3.0%, respectively. This is the outlook provided by the Organisation for Economic Co-operation and Development OECD's recent September post : Global growth is expected to remain weak . The world economy is expected to grow by 3.0% in 2023, before slowing down to 2.7% in 2024. A disproportionate ...