Global News Of Note: Worldwide Steel Production Is Down
What happens abroad impacts MSCI members in North America. Here is the latest economic, trade, and other policy news of note for the last week:
- Worldwide steel production fell 5.9 percent from June 2021 to June 2022, due largely to COVID-19 restrictions in China that hampered production there. Output in China fell 3.3 percent year-over-year and production also fell in the United States by 4.2 percent. Click here to read the full report.
- The International Monetary Fund (IMF) warned the world economy could soon enter a recession due to the fact that multiple crises are diminishing prospects in the world’s largest economies. In the latest edition of its World Economic Outlook, the IMF said its baseline forecast for growth for 2022 is2 percent, 0.4 percentage point lower than in the April 2022 World Economic Outlook. In the United States, the IMF said lower growth earlier this year, reduced household purchasing power, and tighter monetary policy are responsible for diminished outlook. In China, further lockdowns and the deepening real estate crisis have dampened the economy. Click here to read the full report.