Monthly Economic Report July 2019

The global economy has slowed in recent months, prompting the International Monetary Fund (IMF) to lower its forecasts for global growth to 3.2% in 2019 and 3.5% in 2020. These growth rates are down from actual growth of 3.8% in 2017 and 3.6% in 2018. The IMF also notes that ‘risks to the forecast are mainly to the downside’, adding that ‘data more broadly paint a picture of subdued final demand, notably in fixed investment’. Furthermore, ‘the slowdown in global manufacturing activity, which began in early 2018, has continued, reflecting weak business spending (on machinery and equipment) and consumer purchases of durable goods, such as cars’. Given this apparent weakening in activity, it appears increasingly likely that central banks could soon have to shift back towards the use of more expansionary monetary policy…

 

For the July 2019 Full Report (PDF) please click here.

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