world economic news

Economic News Daily – Wednesday 08/06/2022

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THAILAND

The Bank of Thailand unanimously maintained its key interest rate at a record low of 0.5% on Wednesday, in line with market consensus, saying that headline inflation is likely to increase and stay at a higher level longer than previously estimated. The previous change in the policy rate was a quarter-point reduction in May 2020.

GERMANY

Germany’s industrial production grew less than expected in April, the country’s Federal Statistical Office Destatis said in a provisional report released on Wednesday.  Industrial production was 0.7% higher on a monthly basis. Output in the industry was 2.2% down in comparison to April 2021.

UK

House prices in the United Kingdom increased by 1.0% in May compared with the month before, with the average house price hitting a record high of £289,099, Halifax’s House Price Index report showed on Wednesday. The report noted that the figure expanded by 10.5% versus the same month a year before and 3.2% on a quarterly basis. An imbalance between supply and demand for properties remains the primary reason behind the climb, the report added.

WORLD

The World Bank on Tuesday slashed its global growth forecast by nearly a third to 2.9% for 2022. In a news conference, World Bank President David Malpass said global growth could fall to 2.1% in 2022 and 1.5% in 2023, driving per capita growth close to zero, if downside risks materialized.