In the euro zone, inflation quickened last month on an annual basis for the first time since April. Manufacturers in most of Asia saw a slowdown in orders and production amid tepid customer appetite for goods. Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy:
The IMF's Climate Change Indicators Dashboard revealed that transitioning to a lower-carbon future not only aligns with environmental goals but also presents significant economic benefits. The latest climate scenarios suggest that an orderly transition to net zero by 2050 could boost global gross domestic product by 7 per cent compared to current policies.
The UK economy shrank more than expected in October as elevated borrowing costs and wet weather took their toll, setting the stage for another quarter of stagnation that is widely forecast to persist through 2024. On the other hand, US consumer prices picked up in November on increases in housing and other service-sector costs, keeping inflation stubborn enough to thwart any Federal Reserve interest-rate cuts soon.
Economists indicate that the worst of the economic downturn is likely past in most parts of the world and the M&A activity in the insurance industry is expected to increase going forward in 2024. However, the volume may decline from the highs of the past several years, said Deloitte's Global Insurance 2024 Outlook report.
Indian banks will grow their balance sheets as the economy grows and huge investments are made in domestic infrastructure, but they may struggle to break outside their domestic markets, it says
"After the pandemic, India is being seen as a long-term partner in manufacturing and an appealing investment destination for global corporations. It is one of the few economies that offers a combination of scale and multi-decade growth, driven by growing domestic consumption and infrastructure spends. So the opportunity for overseas businesses for strategic cooperation with India is very appealing," said Masahiro Goto.
US analytics firm FICO has introduced its cloud-based platform in India, with leading banks such as HDFC Bank, Axis Bank, and AU Small Finance Bank opting for its services. FICO's platform aims to transform the banking sector by offering advanced decision-making and artificial intelligence capabilities, fostering innovation, and improving customer satisfaction.
S&P Global Ratings forecasts India as the third-largest economy by 2030, emphasizing the nation's critical transition to a manufacturing hub. To achieve this, S&P stresses the need for a robust logistics framework, highlighting the importance of upskilling the workforce and boosting female labor force participation for harnessing India's labor market potential.
According to a release by ADB, the move comes as part of the commitment to combat climate change and marks a significant milestone at COP28.
Private equity firm Warburg Pincus announced the appointment of Vishal Mahadevia, its India head, as the head of Asia private equity, a newly created position. The move is part of an Asia-wide reshuffle at the U.S. investment firm. Mahadevia, with 17 years of experience at the firm, will also continue as co-head of financial services.
S&P Global Ratings has revised India's growth forecast for FY24 to 6.4%, aligning with the Reserve Bank of India's estimate of 6.5%. The American rating agency lowered the FY25 growth estimate to 6.4%, expecting a 7% growth in FY26 and FY27. The Indian economy likely grew better than expected at 6.7% in Q2 compared to 6.5% projected by RBI
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