China continues its strict zero-tolerance policy of anti-COVID lockdowns as new closures closeted 200 million people in 28 cities as of 24 October, according to The Wall Street Journal.
Category: TRENDS ON THE GLOBAL ECONOMIC FRONT – Nov 1 2022
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EGYPT’S CURRENCY FALLS AFTER IMF BAILOUT
The value of Egypt’s currency, the pound, fell 15 percent last week to a record low of 23.09 to the U.S. dollar after the central bank raised a key interest rate by two percentage points.
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AUSTRALIA’S INFLATION RATE HITS 32-YEAR HIGH
Inflation in Australia rose to 7.3 percent in this year’s third quarter, its fastest clip since the same period in 1990, which at the time caused the country’s central bank to raise interest rates so high that the economy lurched into recession.
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CANADA’S ECONOMY SQUEAKED OUT A GAIN IN AUGUST
Adjusted for inflation, Canada’s economy expanded by 0.1 percent in August as continued growth in service industries spending barely offset declining sales by companies making goods, Statistics Canada reported last week.
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CANADA’S CENTRAL BANK RAISES INTEREST RATE LESS THAN EXPECTED
On 26 October, the Bank of Canada (BoC) added a half-point to its benchmark policy rate, raising it to 3.75 percent and surprising analysts who had widely predicted a three-quarter-point bump.
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YEN SINKS FURTHER AS JAPAN’S GOVERNMENT ANNOUNCES $197 BILLION STIMULUS
At its meeting last week, the Bank of Japan (BoJ) held its key interest rate at -0.1 percent, made no changes to its program of bond purchases, and continued to cap the yield on 10-year bonds at zero percent, as predicted by 49 economists Bloomberg had polled.
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ECB RAISES KEY INTEREST RATE 75 BASIS POINTS
The European Central Bank (ECB) raised two key interest rates three-quarters of a point last week, the second such raise in the ECB policy committee’s last two meetings.
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ECONOMIC GROWTH SLOWING AMONG EUROPE’S LARGEST ECONOMIES
Germany’s economy expanded by a scant 0.3 percent during this year’s third quarter, besting both France and Spain, which each eked out a 0.2-percent expansion.
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
Inflation and interest rate hikes are causing companies in many sectors to lay off employees. To illustrate the employment trends and the socioeconomic implications, each week we will list job losses.