WORLD
Global growth is projected to slow to 3.2% in 2022 from a forecast of 3.6% issued in April, the IMF said on Tuesday due to a ”’gloomy and uncertain” economic outlook. “The outlook has darkened significantly since April. The world may soon be teetering on the edge of a global recession, only two years after the last one,” IMF Chief Economist Pierre-Olivier Gourinchas told a news conference.
HUNGARY
The National Bank of Hungary raised its benchmark base rate by 100bps to 10.75 percent on Tuesday and signaled that it will continue to hike its interest rate until inflation has peeked. The move lifted borrowing costs to their highest since December of 2008. In June, the central bank raised the interest rate by 185 basis points to 7.75%, revealing in its forecast that the country’s inflation for the fiscal year could reach 11%-12.6%.
S. KOREA
South Korea’s economy expanded a seasonally adjusted 0.7 % on quartering the second quarter of 2022, the Bank of Korea said in Tuesday’s advance estimate. That exceeded expectations for an increase of 0.4% and was up from 0.6% in the three months prior.
US
The confidence of consumers continued its downward slide in July as the Conference Board said its index slid to 95.7 from a downwardly revised 98.4 in June. Economists had expected the consumer confidence index to drop to 96.8 from the 98.7 originally reported for the previous month.
